If I were buying a 500 chip set for a single table game (up to 10 players)
I would play a T5000 tourney with each player getting the following chips
12 x T25
12 x T100
7 x T500
I would buy
120 x T25 (Green)
160 x T100 (Black)
120 x T500 (Purple or Pink)
100 x T1000 (Yellow or Orange)
The extra black chips can be used to color up the greens when they become redundant. And the extra pinks and yellows can be used to color up the blacks when they become redundant.
I would start the blinds at 25/50 for NL games (pick up a blind schedule at
www.homepokertourney.com) raising every 20 mins or so.
This set up can be useful if you are in the US and want to play a 25c/50c cash game instead of a tournament. Just use the values as cents...
25 = 25c, 100 = 100c ($1), 500 = 500c ($5) etc.
Hope this helps...