I wouldn't recommend it. In a dual PSU setup, the PSU that just powers the VGA power inputs uses more power than the main PSU powering the motherboard, all of the risers and accessories. A 500W PSU also won't have all the PCI-E or SATA cables you need for all the GPU's. I would recommend getting at least a 750W PSU for the GPU's and a 650W for the motherboard. That should give you enough power for up to six cards and all the connectors you need. Just make sure it's at least a gold rated PSU from a good brand like EVGA or Corsair.
I agree. go for a 1000W PSU without hesitating, even if you have to order it online.