paddyharry-
I generally agree with the above postings. But I've been in enough sticky situations where you are grasping at straws to make a design work on paper to commiserate with your situation.
As codeeng pointed out, you are not restricted to the B16.5 flange rating if it calc's out per Appendix 2. Before the rest of you scream that the piping also has to meet the rating, I'd ask you to read B31.3 (assuming that would be the applicable piping code) section 302.2.4. I've been involved with enough flange leaks to prefer increasing the flange rating, but sometimes that's just not feasible (notice I didn't use the word "possible"). To extend codeeng's other suggestion a bit, consider a 304 overlay on a CS flange.
Another possible option is to discuss the situation with your client and try to get the design pressure lowered to 495 psi (or drop the temp to around 370°F). "Wait, wait," you say, "the flange rating for F304L is only 420 psi at 500°!" Yup. So find some flanges which are dual rated F304/F304L. The L grade gives you the weldability you need while the straight grade gives you the extra 75 psi. Been there, done that. Unfortunately the extra boost of the straight grade doesn't get you to the necessary conditions, but it just might be close enough...
Again, if it is a whole new system, go with the CL-600 flanges. People like me will not have to deal with them if/when they leak. But if you can't, explore other options.
jt