Personally, I don't see a need to go much over 1,000fps for a hunting load with the 440 grain bullet. Unless you use a thin jacketed bullet you probably will have complete penetration at any angle. For most individuals shooting the 500 Smith using 440 grain bullets at velocities of 1,300fps or greater won't enjoy themselves much when practicing, as the felt recoil is getting up there and when you go over 1,500fps I don't find any enjoyment at that velocity – none, nuca kaput. Find an accurate load between 900 & 1,000fps and your friend will enjoy shooting his 500 Mag and will harvest any sized mule or whitetail deer in the area as well as black bear, hog etc. For larger boned game such as elk, moose, bison or the large bears you can increase the velocity a little if you feel the need – a 440 or 500 grain hardcast bullet at 1,200fps will probably provide complete penetration at any angle.
15 grains of HS-6 with the 440 grain hardcast will give you somewhere around 930 fps.
28 grains of IMR-4227 with the 440 grain hardcast bullet is just over the 1,000fps mark.
30.5 grains of N120 with the 440 grain hardcast flies around the 1,000fps mark.
For the big stuff, 34 grains of IMR-4227 with the 440 grain hardcast will get you around the 1,250fps mark along with a lot more "felt recoil" – you'll get around the same velocity using a 500 grain hardcast bullet with 32 grains of IMR-4227.
I don't much like H-110, as the recoil is sharper than IMR-4227 & N120 with the same velocities and you usually are around the top end when using H-110.