Here's the guy who identified the dsp inside the HD500:
http://forum.musicradar.com/showthread.php?68920-Info-on-POD-HD-v-POD-XT-X3-and-Axe-FX-DSP-chips
fwiw, I beleive there is an error in his chart. The 333 GHz should be rated, I think, at 2.0 GFLOPS (billion floating point operations per second) instead of 2.4. The 2.4 rating is for the 400MHz version.
I'm just speculating about the clockspeed of the HD500X based on the dsp limits people are reaching that suggest something like a 20% increase in dsp capacity.
If line 6 just used a newer, faster version of the dsp chip then they probably wouldn't need to change the motherboard and software. It may be that Analog Devices stopped making the 333MHz version so line 6 had to change.
I have no direct experience with dsp chips, but if they can be compared with CPUs in PCs, then I'll say this:
The increase in speed seems to be due to a higher mulitplier (12 instead of 10, or 6 instead of 5). If the multiplier is locked in these chips, then you're probably out of luck in trying to make the HD500 run at a higher speed. There's still no guarantee that a 333MHz rated chip will even run at 400MHz.