With your cartridge a tracking weight of 3 - 3.5 grams (and anti-skating of approx 2g) would be best suited for playing records at home. This should give the best results and lest wear (to both your records and the stylus). You should only increase the tracking weight of these cartridges if you are playing out (where feedback due to high volume and or vibration from poor staging etc are a problem), or if you intend to do a lot of scratching, and don't care for damaging your records
The 500 is a prefectly good dj cartridge. Keep in mind that these are dj cartridges and are not the best sounding overall, compared to highend audiophile cartridges. They are designed for dj's who want to scratch, back que and play at loud volumes on dj style turntables.
The problem's I had with the 500's is that they are not the best tracking cartridge around, they seem to wear quite fast (should be replaced every 6 mths if you play records every day, especially Jamaican vinyl) and also that the large plastic body surrounding the stylus can ride low clipping the record (especially at higher tracking weights) causing jumps or skips with warped records or Jamaican vinyl with ruff edges (from when the records are trimmed at the factory). Some dj's cut part of that plastic off (although I wouldn't). I now use the Ortofon DJ (the blue one) which is one of the best for dj's who ain't purely scratch dj's.
The following is taken from
What is the difference between spherical and elliptical?
If you were to look at the needle from above, the spherical (sometimes called conical) would look like a circle, where the elliptical would look oval in shape. Ellipticals generally have a slightly better sound quality than sphericals. Keep in mind that DJ model cartridges are not the best sounding overall.
Which model(s) wear the records the least?
There is a lot of controversy about this question. Many say that spherical needles are easier on records than ellipticals. We really have no scientific proof to back up this claim. Most record wear comes from worn needles, excessive tracking force and improper anti-skate settings.
Which model is the most durable for DJ battling and other forms or hard use?
The DJ elliptical model, although the spherical is supposed to track better (according to scratch DJs).