Actually there is a gap between the keycap and the switch, so a 0.5mm o-ring will not have any effect. I believe that even a 1mm o-ring may or may not have an effect, it's highly dependent on the internal keycap shape and size.
The 1.58mm (standard 008 US size) o-rings seem to reduce key travel by less than .5mm on most keycaps I have tried. Cherry doubleshots were an exception, these thick keycaps had shorter stems, and the key travel with such keycaps was reduced by around 0.5 - 1mm.
If you are in Europe I highly suggest you buy a few different metric o-rings and report the results here or in the
o-ring wiki discussion thread. This will help non US folks.