The 500 is a good 30# reel (about 300 to 330 yds.) Obviously, you can fish lighter or heavier test on it. 20-25# is too much capacity--you can fill with a cheap backing to take up the extra. With 40#, the capacity is down a tad from optimum and the drags are a bit light for it too if you get into some larger tuna, etc. but it will work for most situations.

Big Hammer Swimbaits-Hammerhead Jigheads
www.swimbait.com
Pro-Cure Scents
www.pro-cure.com