500 MCM is 380a @ 75c I don't see a real problem. If you can get in under the feeder tap rules it is a slam dunk and you can probably use 240.4(B) if it comes down to it.
From a practical sense, you are really only providing short circuit protection in the 400a breaker since overload protection will come with the 300a. That is how they rationalize the "tap rules".