Yes at a pinch it will work, but a 16" 308 isn't the best tool for the job for 500m shooting, 500m is a loooong way for hunting.
On paper it will work energy wise, but wind will be the real kicker as with the poor BC and low MV make consistently accurately shooting at 500m challenging. Also a light 16" rifle requires perfect technique to shoot well at those kind of distances.
In terms of projectiles and powder the above recommendations are spot on. I've personally found 2206H to give best performance in my 16" barrel. I run the 150gr NBT but have also used the 165gr Speer SPBT to good effect and these have the advantage of having a pretty good BC for a 308.
If i was you id sell it and get something better suited to the job, a 20" 7mm "something" would be far better all-rounder.
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