Your choice of rifle is acceptable, but as much as i love the .30-06 i do NOT consider it an acceptable 500yds cartridge in the hands of some one not well versed in distance shooting. I have NO issue with the energy delivered, I have an issue with being able to place a shot in the kill zone under real world condition your likely to encounter...every time.
Before i make any recommendations let me ask a question. Do you actually have a reason to TRY a 500yd shot? Are you just trying to cover all the bases, or are you planing a career as a deer sniper?
Either way if you care about the animals your shooting, and dont want to wound, track and possibly lose an animal, you NEED to be able to hit your targets with absolute consistency at the range you are planing to shoot. This means practice, both in reading wind, judging distance (even if you always use a range finder), and knowing YOUR ACTUAL drop and drift tables by heart (or at least haveing a damn good cheat sheet).
I would chose a flatter shooting cartridge. In fact i did, when shots MIGHT be long I carry a 7mm remington magnum. Recoil isnt much worse then the .30-06, but trajectories are quite a bit flater, and with the right loads drift is greatly reduced. Any of the fast 30 and unders help with drift and drop. The .270, .280, and 6.5x284 come to mind as lower recoil alternatives. I think the .25-06 and .243 are kinda running out of gas at that range but YMMV.
The family of WSMs, 7mm remington and the .257, 270,7mm weatherby as slightly higher recoil options.
The .300 winchester, is also an option, as are the other faster 7s and 30s, but recoil is a major factor at that point.
My personal limit is well under 500, I dont have any place to practice shooting that far, and I dont have (as of yet) a reason to shoot that far.