500psi is acceptable if you really get into the risk assessment and gear abilities at lower pressure.
PSI (Professional Scuba Inspectors) is the US nationally recognized & scuba industry wide experts on tank inspections, safety, and the like.
They're guidelines suggest as long as the tank contains positive pressure, it should not have water intrusion from taking it below minimum pressure.
So for tanks anything above 100psi and you'll hear a hiss and can assume tank integrity is still sound.
However, industry standard also allows SPG's to have a deviation of up to 300psi from the master calibrated gauge.
So your SPG may be 300psi above actual, or can lose drastic accuracy as you go lower in tank pressure. Sometimes I see gauges that hold great at 3000psi, but by 1000psi and lower it register above the actual tank and master gauge pressure. Essentially 800psi on the gauge was actual 500psi and that is still industry "legal".
Digital or Air Integrated gauges have a benefit over analog in these cases. They tend to be more accurate throughout the entire tank.
So for SPG's I wouldn't trust below 300psi.
Most 1st stages have an Intermediate Pressure of 125-150psi. Many shooting for 145psi. So at 145psi tank pressure, you will not get air through your hose. So 300psi is realistically 135psi of usable tank pressure before you suck dry. And that's assuming again that your SPG is accurate at that pressure.
You can also wrench loose the 1st stage by hand or impact at 200psi and below if you try hard enough. Heck, I had a deckhand take off my first stage at 500psi when he didn't know better.
This is why I plan to surface by 500psi.
That remaining air is for my absolute emergency or a surf exit assist.