The servo will probably consume more current at 500Hz than it would at 50Hz, and it could overheat.
The internal control loops in standard analog servos will not operate at 500Hz. They will operate to
about 100Hz [10-msec update], but any faster than that and the servos goes bonkers under loaded
conditions because the control loops crash. Digital servos can accept faster control updates, but
I'm not up on the details.