The b/c gap is not the problem, the compensator is.
Many years ago I used to shoot .357 dia bullets in sabots out of my .44Mag New Model SuperBlackhawk with dismal results at anything past 25yds. The major difference was the sabots were harder (delrin) and the pedals didn't protrude past the straight shank of the bullet. They were tapered and streamlined somewhat like the old Remington Accelerators.
Anyway, if your S&W 500 revolver has a compensator on the end of the barrel I wouldn't advise shooting sabots out of it for fear of the pedals catching with possibly catastrophic results, if they make it into the barrel at all. The difference now is the sabot is much softer and it does protrude past the straight shank of the bullet allowing it to catch wind as soon as it's fired. It may "flower" out just trying to enter the barrel. I've loaded many, many different types of bullets for my 500's over the years but never had the sack to try them for that particular reason. Don't know anyone that has either.
The bullet/sabot combination for the 54cal muzzle loader will work provided the bullets are .50cal BUT, you'll need a Lee factory crimp die since most of the bullets don't have a cannelure. When the Winchester 400gr Platinum Tip Silver Point first came out they weren't available to hand loaders (don't know if they are yet) and I wanted to shoot them in my 500. I had to buy them with the sabots for 54cal muzzleloader. At around $17 for 20 they were Not cheap but I wanted them anyway just because. I have a cannelure tool so making them useable wasn't a problem, the price was.
If you're just starting out loading for the 500 I'd suggest you stick with bullets designed specifically for it.