For $500 you can do a lot of things, so why not take a philosophical look. What do you like? It's OK if you don't know why. Do you just want to pick up a few HOFers and be done with it, or do you have a goal of building a set someday?
If you think you might want to go back and build a set someday, consider what set you might be able to attain, and buy some HOFers from that set. Then you can go back and pick up commons from that set at a later time with smaller amounts.
If you don't have any interest in building a set, think about picking up a selection of HOFers from your favorite team across eras or sets, whatever that may be.
I can say I'd spend $500 the same way I'd spend any other amount of money; the question is just what quantity and condition I'd target.
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