Roundwound, coated Elixers are what came on my 505 and that's what I continue to use. They sound good and the tension (for me) is perfect. No flop but not too tight either. Medium gage 045-105 and the low B is a medium 130tw.
Well I don't have an SR505. I do have an SR506 though. I currently have Rotosound flats on it, but I think I'm gonna go back to roundwound DR Hi-Beams.