I have seen an ohlins rear shock for a 2006 on yamaha fz1 just want your thoughts on if this would work or not on a 98 gs500.
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No
It wont fit.
You need the clevis end not the ring end.
(http://www.dynoman.net/images/chassis/ohlins/clevis-type.jpg)
Clevis or nothing.
There are a lot of factors that will determine whether or not a shock fits.
The biggest two:
1. Eye/Clevis mounting bolts
2. Shock length
Other considerations:
1. Spring diameter
2. Clevis/eye diameter & Width
3. Interference between reservoir and frame
4. Spring rate.
I've looked at a lot of shocks and haven't found anything that will work that isn't already part of the normal list.
If you want a flash shock get a race r6 shock.