4” plate at 500 is pretty small, despite what was said. It can be done with all types of rifle builds and calibers. For me, I would choose an Accuracy International Rifle with a custom barrel in some type of 6mm. 6GT, 6BR, 6mm creedmore....etc.. A quality bipod, I use atlas, but I still love the Harris and a weibad mini fortune cookie for my rear bag.
Just hit up Red beard Gunworks they will hook you up with the set up that will get the job done.