Does anyone have a Simplify3D configuration file for a Lulzbot TAZ 5 with a 0.5mm nozzle?
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Have you tried the configuration assistant under the "Help" menu?

<a href=enter image description here"> From S3D 3.0.2

And yes, you can just change the nozzle size in the process "Extruder" tab and be done with it, if you're using auto extrusion width. If you're using manual extrusion width, also change that to be equal or greater than the nozzle size.

S3D will handle everything else. It's not a bad idea to recalibrate extrusion multiplier (with 100% infill 20x20 calibration boxes) but it isn't strictly necessary.

General tip for switching to a larger nozzle: while you get used to it, make sure you preview your sliced files carefully looking for areas with gaps or missing details smaller than the extrusion width.