I'll second the not quite. I sold my old 500e to my little brother, and he was running akg391>ps2>500e. We couldn't get enough gain out of it w/out line transformers. You might try turning the 500e mini-cal pots all the way up and see if you can get enough gain...it's all going to depend on your mics. For quieter acoustic type shows it's definitely not going to be enough gain.
mitch