After searching through the web and forums I can't find a Gingerbread ROM for i5500. There's a lot of Froyo but no GB that I can find. The Cyanogenmod 7.1 port is also to unstable and resource hungry to be a goer either. Sure it's better on bigger devices. Don't forget i5500 is a low end / budget smart phone.
My advice: root or don't root doesn't really matter. What you want is a good stable ROM that is fast and then do some customisation off Market like ADW Launcher, JuiceDefender and / or WidgetLock. Asthetically and functionally that's probably about as good as you're going to do on this phone without pushing the memory / performance limits on it.
Get a good stock ROM, test it for a few days to make sure it's stable and then work from there as a benchmark. Otherwise you'll be dicking around until early next year trying to get this phone to work with not much return.
I'm only using this until the Nexus comes out anyway. Now that's what I'm talking about ...