Yes. That's the way you change brace height, twist or untwist the string. Keep in mind, that you're getting Axis shafts, at least that's what I think you said. They're extra skinny, meaning that they ride closer to the center of the bow, and that requires more spine.
I think the .500s will be just fine, and you won't have to front load them inordinately heavy, though probably can if you want to. I shoot .500 Axis out of 46-50# longbows and recurves, some cut to or past center and some not. All can be made to shoot like lasers with just a little tip weight juggling, depending on bow weight/configuration.