500 is a bit on the small side but not unheard of...
If you 'pop' him, you should be able to tell if he's producing sperm or not, because you'll get a plug. It's almost like a booger. white to pale yellow or tan in color.
If you DO decide to go ahead and try it...
The thing I would be more concerned about isn't him producing sperm or not.
it's just the stress of breeding. You will need to keep a very close eye on his feeding habits and body condition. If e stops eating for some reason or starts dropping weight in any way I would take him off rotation right away. For a 700+ male you would still want to watch for the same thing, but especially for one that is still on the developing side it's more concerning.