will 500 hours on type actually improve my chances of getting a paying job?
It depends on the operator I think. If the operator just wants an "experienced" pilot on his cockpit, then it would help to have 500 hrs on type, but if the operator just wants to get the money from a young pilot to be hired, then they will get the first in line ready to pay for a type rating, sold by the operator of course.
Looking at the job offers around the web, it looks like that 500 hrs on type, MIGHT lead to a job in Asia right now.