Well, technically yes. Granted i am out of touch with BRM for LIMIT holdem, I recall reading something a couple of years back indicating that 5-600BB is a sufficient br for LIMIT holdem. So while maybe not "fully bankrolled", which i guess you are referring to as a minimum br for the limit, if you have the skills to play that stake of LIMIT holdem then you should be ok on a 500$ br.
Edit: ok i guess when you mention limit you are probably referring to the limit of .5/1 so no on 500$ br you should probably stick to 25NL (.10/.25 blinds) or less to provide a 20 buyin BRM as a minimum, but in all honesty if your asking this question maybe you wanna be more conservative and stick with 10NL (.05/10 blinds) on the 500$ br to have a 50 buyin BRM and a lower ROR (risk of ruin). Obviously it all depends on your experience and skill in the game.