I don't have any experience fishing the 500 for deep rockfish--only shallow water rockfish. You probably don't need to do anything to the reel (like accuframe, drags, etc.) as it is low-stress fishing. My buddy uses spectra with a short mono topshot on a 500 for a easy to handle deep rockcod outfit. He said he likes how you can feel the jig hit the bottom and also it tipping over, lol! Very sensitive, I'd say.

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