I cannot help you with the 500 Magnum. Years ago this question was popular with 44 Magnum shooters, particularly those using IMR4227 powder. For me and most of my friends, the concerns were always accuracy and leading, velocity taking a back seat to those two. No one had a chronograph, so we had no way to check consistency.
If you are thinking of needing a different burning speed powder for the 4-inch gun, there are certainly a lot more powders to play around with now than there were then, but I wouldn't think changing to a faster powder would be worthwhile, unless you got a corresponding improvement in accuracy. JMHO. For a more educated opinion, you might call Hornady or Hodgdon and see if you could pick their brain on this.
Regarding the 44, I usually loaded two rounds - a full-charge item, normally with 2400, fired mostly in the longer barreled guns, and a 900 FPS load for the 4-inch gun, usually using Unique, then later, 231. Over the years, I usually fired the target load at a ratio of about 4:1. The 8-inch gun always shot too high with the target loads, so it rarely got them, and I rarely used the full-charge loads in the 4-inch guns. My full-charge loads consistently out shot my "target" loads in every gun, that I can recall. That was always a bit of a frustration - and still is.