I noticed in OP's post that the two frequencies for the cowbell are 540hz and 800hz (although I don't see where this is denoted on the original schematics.) But we'll assume they're accurate numbers.
While a perfect fifth is a difference of 7 semitones, this produces a difference of only 6.804 semitones. It would seem that its designers didn't have a perfect fifth in mind.
Also, 540Hz is C#5 -45 cents and 800Hz is G5 +35 cents. So neither note seems intended to correspond to any natural key.
Remember that 7 semitones is not a perfect fifth. (Note this depends on your definition of perfect fifth, some people allow for being close, since equal temperament is so common.)
While a perfect fifth is a 3:2 ratio of frequency, seven semitones isn’t exactly 1.5, it’s more like 1.498.
800/540 is ~ 1.48, so I definitely agree the designers weren’t going for a fifth, very likely they wanted some beat interference to give it a nice metallic warble.
I was speaking (a bit erroneously) in the context of an equal tempered scale. (I think.)
Indeed, the natural overtone series is the proper context for a true perfect fifth.