With current technology, there is no safe 500 lumens in such a small light. If you're worried about safety and longevity and want care free usage, then don't use an IMR.
Or get something like an SC52 that automatically ramps the brightness down after a minute at 500 lumens.
As a general rule, I'm fine with using a small flashlight at 500 lumens. Just make sure you carry it in your hand instead of leaving it unattended on table. When it goes uncomfortable to hold you should turn the brightness down to let it cool.
I've twice had small EDC lights become damaged due to heat.
1. The first was a brand new Jetbeam BK135a - I ran it for 5 minutes on a 1.5v primary on high. The light flickered and then afterwards would barely glow. The driver was fried. I got it back on warranty service, but the only driver they had to stick into it was the 3-mode driver from a PA-01. The elegant programmable driver originally in the light was gone. Note that the light was barely warm in the hand. It was not at all hot.
2. The second incident occurred with my heavily modded Sipik 58 budget zoomie. This is a small 1xAA sized aluminum light with a zoomable aspheric lens. I had an XM-L in it and was running a 2.8 amp Nang 105c driver on IMR14500. The light accidentally turned on in my pocket and ran for probabaly 10 minutes before the heat got hot enough for my leg to notice.
When I took it out of my pocket, the light was on full-brightness and amazingly still working with no damage to the LED, but every part of the light from the bezel to the tailcap was almost burning hot. So hot I couldn't touch it for more than a fraction of a second. After a bit of effort I managed to turn it off and remove the battery (which was also extremely hot).
After the light fully cooled, I put the battery back in and it seemed to work fine. But the next day I noticed flickering. When I checked it out, I noticed that the positive contact on the driver had fallen off (this contact was a small spring soldered onto the bottom of the driver). My attempts to reattach this spring or replace it with a solder blob backfired when I held the solder to the driver too long and completely fried it. Good thing I had a spare driver. I've since adjusted the sensitivity of that light's switch so that it is less likely to come on in the pocket accidentally.