To answer your question about the 500w psu... maybe, maybe not.
500w units are usually of inferior quality.
Buy a quality unit like a Seasonic focus 550w.
Past that, I have some thoughts about your parts.
1. Buy a i5-9600K instead. It usually costs perhaps $10 more.
In return you get a processor with a soldered heat spreader that will run cooler and overclock better.
2. The cooler is not a good one. Here is a newegg reviewer:
https://www.newegg.com/Product/Product.aspx?Item=N82E16835128024
I suggest a noctua NH-D15s which has no compatibility issues and will cool as well as the best aio cooler in your case.
3. 120gb is too small for a windows drive.
Many things default to the C drive. When it fills up it will lose performance and endurance.
240gb is the minimum. That will hold a handful of games.
Why not just defer on the hard drive until you actually need the space?
If you get 5oogb up front you may never need a hdd at all.
I would use a Samsung 860/870 evo m.2 ssd for performance and reliability.
Then, if you really want a HDD, add in a 16 or 32gb optane device to act as a cache for the HDD.
4. NZXT H500 is a fine case. Have you considered the Coolermaster H500?
It has superb cooling:
https://www.newegg.com/Product/Product.aspx?Item=N82E16811119350