Note: These are some awesome DIY postings found on an Italian website with literal translations from Google so please bare with the imperfect English.
The Original posting is here to give credit where credit is due.
http://www.cinquino.net/topic.asp?TOPIC_ID=2706

Disassembling the engine and gearbox from the 500
Materials:
- car jack,
- 2 jack stands,
- ratchet or wrenches # 7-8-10-13-17,
- Phillips screwdriver,
- large flat head screwdriver and a small on,
- pliers,
Raise up the back of the 500 and place it on the 2 jack stands high enough so you can get under it to work.
Disconnect the negative battery cable and unscrew the fuel cap to relieve the pressure.
1 - Open the hood, disconnect the wire of the license plate light, and the cable that holds the hood. Close the lid and unscrew the nut with a #10 wrench, and then remove it.
2 - Disconnect the wires from the spark plugs and remove the distributor cap, as well as the small ground wire that connects to the body with a #8 wrench shown below p.11

3 - Remove the belt guard heat shields where you see marked with 2 yellow dots....... [More]
| Version | Power | Intake open
before t . d. c | Intake close
After b.d.c. | Exhaust open
Before t.d.c. | Exhaust close
After b.d.c. |
New 500
Until October 1957 | 13 Hp | 19° | 50° | 50° | 19° |
New 500
Since 19/57 until 03/58 | 15 Hp | 20° | 50° | 50° | 20° |
New 500
Since march 1958 | 16,5
Hp | 9° | 70° | 50° | 19° |
| 500 sport | 21 Hp | 25° | 51° | 64° | 12° |
500 D, 500 SW
Giardiniera
And Autobianchi | 17.5
Hp | 25° | 51° | 64° | 12° |
| 500 F and 500L | 18 Hp | 25° | 51° | 64° | 12° |
| 500R | 18 Hp | 26° | 57° | 66° | 17° |
Open and Shut Case
When does that valve open anyway? Well, to determine this we have to [More]
Note: These are some awesome DIY postings found on an Italian website with literal translations from Google so please bare with the imperfect English.
The Original posting is here to give credit where credit is due.
http://www.cinquino.net/topic.asp?TOPIC_ID=1516

Cleaning the oil flinger.
Tools needed
- pipe wrench #10
- container to drain oil
Inside the motor of 500 oil is filtered through two components:
1 - The retina at the start of the oil suction tube,
2 - The centrifugal filter.
The 500 does not have a cartridge filter, but a centrifugal Slinger that causes the oil and heavy impurities to get stuck to the wall + the Slinger.
Then the flow continues into the crankshaft via the camshaft axis reaches the cylinder banks and the oil sensor and then continues ... ... continues to fall in the cup from the valve cover.
PROCEDURE - With a key #10 removed the 6 nuts that hold the lid of the centrifuge (see photo), put a container under the lid to catch the oil trapped in the Slinger, under this cover you will find the real Slinger. Dis-assembly of the centrifugal device involves the extraction of the locking nut, the nut is tightened with a high torque and therefore not easy to remove.

- Check the walls of the slinger and the walls of the lid that there is no residual sludge (see photo) if there is scrape the layer of loose dirt with a screwdriver and clean with a rag soaked in oil. Be careful not to leave any strands of cloth in the slinger, it could block the flow of oil causing engine damage.
- Once cleaned reassemble the cap of the slinger putting a new gasket.
The correct mounting position of the cap is manditory because it carries on its surface a references to the ignition timing (TDC) (see photo). [More]
The following Weber carburetor types have been fitted:
- New 500 --------------------- 26 IMB 1
- 500 Sport -------------------- 26 IMB 3
- 500D-------------------------- 26 IMB 4
- Station Wagon ------------- 26 OC
- 500F -------------------------- 26 IMB 6
- 500L -------------------------- 26 IMB 10 (incorporates CO limiter for idling)
The weber 26 IMBl carburetor is a downdraft, single body carburetor with 1.0236” (26 mm) diameter throat at the height of throttle shaft. [More]
ENGINE TROUBLE DIAGNOSIS AND CORRECTIONS#2
If The Engine Stalls.
|
POSSIBLE CAUSES
|
REMEDIES
|
| 1) ldling speed too low |
1) Increase throttle opening slightly and adjust mixture rating as recommended under «Carburetor» . |
| 2) ldle mixture too lean or too rich |
2) Adjust mixture rating as recommended under «Carburetor» . |
3) Carburetor flooding:
- a) due to too long starting with inserting choke without using accelerator;
- b) due to carburetor defect.
|
3) Proceed as follows:
- a) remove and wipe spark plugs or wait some minutes and start engine with choke out and all open throttle;
- b) remove and rebuild carburetor as recommended in covering chapter.
|
| 4) Needle valve in carburetor stuck. |
4) Rebuild as recommended under «Carburetor». |
| 5) dirt or water in fuel line or carburetor. |
5) Remove and thoroughly clean carburetor; if trouble recurs, flush and blow fuel tank and lines. |
| 6) Incorrect fuel level in carburetor bowl. |
6) Check and adjust fuel level as recommended under «Carburetor» . |
| 7) Incorrect use of choke device. |
7) Operate as recommended in covering paragraph of chapter «Carburetor» . |
| 8) Loose or corroded battery terminals |
8) Clean terminals and tighten nuts as recommended under <<Battery>>. Replace cable and terminal clamps if they are too much worn. |
| 9) Loose ignition cables from coil to distributor and from distributor to spark plugs. |
9) Examine and re-set circuit. |
| 10) Loose ignition switch connection. |
10) Examine and re-set circuit. |
| 11) Spark plugs dirty, damp or gaps set too wide. |
11) Clean spark plugs and set gap as recommended under <<Spark Plugs>>. |
| 12) Distributor breaker contact points dirty, oxidized or blackend; pitted points or excessive point gap. |
12) Clean contacts and adjust point gap as recommended under "Ignition Distributor" |
| 13) Distributor rotor contact worn. |
13) Replace distributor rotor. |
| 14) Distributor advance not operating. |
14) Rebuild ignition distributor as recommended in covering chapter. |
| 15) Defective coil and condenser. |
15) Inspect and replace both of them, if necessary. Operate as recommended under "Ignition Coil" and "Ignition Distributor" |
| 16) Exhaust system restricted. |
16) Thoroughly clean exhaust silencer, exhaust piping and manifolds. |
| 17) Incorrect valve tappet clearance. |
17) Adjust tappet clearance as recommended under "Timing Gear". |
| 18) Burned valves. |
18) Replace valves. |
| 19) Poor Compression. |
19) Check compression (99.6" to 106.7 p.s.i. - 7 to 7,5 kg/cm2 , Model 500 and 106.7 to 113.8 p.s.i. - 7,5 to 8 kg/cm2, Model 500 Sports, using a pressure gauge; rebuild engine if compression is too low. |
| 20) Engine overheating. |
20) Check generator and fan drive belt for a loose condition and the air outlet control thermostat on engine cowling for defective operation; proceed as required, following recommendations under "Cooling" |
ENGINE TROUBLE DIAGNOSIS AND CORRECTIONS#1
Engine Will Not Start.
POSSIBLE CAUSES
|
REMEDIES
|
| 1) Weak battery. |
1) Check and re-charge battery as recommended under «Battery». |
| 2) Corroded or loose battery terminal connections. |
2) Clean, examine and tighten cable clamps to battery terminals, as recommended under « Battery ». Replace cables and clamps if they are too much corroded. |
| 3) Weak coil. |
3) Check coil and replace by a new one. |
| 4) Loose or broken ignition cables from coil to distributor and from distributor to spark plugs. |
4) Examine and re-set circuit or replace faulty cables. |
| 5) Cracked distributor cap. |
5) Replace cap. |
| 6) Moisture or dirt deposits on distributor cap contact points. |
6) Wipe and clean points. |
| 7) Distributor breaker contact points dirty, oxidized or blackened; pitted points or excessive point gap. |
7) Clean contacts and adjust point gap as recommended under « Ignition Distributor ». |
| 8) Distributor rotor cracked, or showing signs of burning or wet. |
8) Clean or replace rotor, if necessary. |
| 9) Center distributor cap contact worn or broken or with distorted pressure spring. |
9) Replace contact and contact spring. |
| 10) Shorted condenser or with poor insulation. |
10) Bench test condenser and replace it, if defective. |
| 11) Fouled spark plugs or excessive spark plug gap. |
11) Clean spark plugs and set gap as recommended under «Spark Plugs». |
| 12) Improper timing (ignition). |
12) Check and set timing as recommended under « Ignition Timing ». |
| 13) Defective starting motor. |
13) Locate failure and correct as recommended under « Starting Motor". |
| 14) Carburetor flooded:a) due to too long starting with inserted choke without using accelerator;b) due to carburetor defect. |
14) Proceed as follows: a) remove and wipe spark plugs or wait some minutes and start engine with choke out and all open throttle; b) remove and rebuild carburetor.
|
| 15) Dirt or water in fuel line or carburetor. |
15) Remove and thoroughly clean carburetor; if trouble recurs, flush and blow fuel tank and lines. |
| 16) Incorrect fuel level in carburetor bowl. |
16) Check fuel level in bowl and adjust it, if necessary, as recommended under « Carburetor». |
| 17) Defective fuel pump. |
17) Remove and rebuild fuel pump as recommended under <<Fuel Pump>> |
| 18) Poor compression. |
18) Check compression (99.6 to 106.7 p.s.i. - 7 to 7,5 kg/cm2, Model «500» and 106.7 to 113.8 - 7,5 to 8 kg/cm2, Model « 500 Sports »), using a pressure gauge; service valve seats and rebuild engine if compression is too low. |
| 19) Engine overheating. |
19) Check generator and fan drive belt tension and air outlet shutter control thermostat operation. If faults are as outlined under « Cooling », follow directions in this chapter to remove them. |
HERE YOU WILL LEARN WHERE AND HOW TO IDENTIFY YOUR FIAT 500 MODEL, ENGINE, CHASSIS, COLOR & PARTS ORDERING NUMBER.
Numerous models of the FIAT 500 have been produced over more than a decade. There are, therefore, many different models which have been developed considerably from the first.
Below is you Fiat 500 Identification plate, to understand how it reads i have broken it down for you. [More]