Elhoward622,
IMHO you are right on about using a lighter bullet in the 500 S&W for less recoil. In my Handi I have been using the Federal factory load using the 275 gr Barnes XPB. According to the specs when I bought the ammo, the stated MV is 1,667 fps. Recoil is to me very slight and with this ammo my Handi is scary accurate at 100 yards. I've only taken a couple of deer with it but neither travelled far with the farthest shot being about 80 yards. It does put a big hole on whatever target you're shooting at. I may start to reload for it.
Good luck.