Is the 500ma restriction per LEDWiz? Can you add another LEDWiz, and then possibly plug those into a powered USB-Hub?
Powered USB hub is a viable option, just get a good one. Check the amps on the power supply (1a = 1000ma). That amperage is distributed between all of the ports, but if the hub is designed properly, it will never feed more that 500ma per port (so if you buy a 4 port hub with a 2a power supply, don't expect to plug one device in and get 2a from it. You won't.) This means that yes, you can buy a powered USB hub, hook up 2 LEDWizes, and get 500ma of power to each one, even though that hub is plugged into 1 port on your pc. Because the hub is powered, it's only using the USB port on your PC for it's connection, not for power. You can have up to 127 USB devices on one bus, so don't worry if you decide to split one port over and over. As long as you've got enough powered hubs to run your devices, everything is golden.
Don't confuse this with sticking 2 LEDWizes into 2 different USB ports on your computer. Multiple ports can share the same bus, and each bus shares it's power with every port on that bus. You can however stick one in the front port and one in the back (or even one of those PCI expansion brackets that connect to the motherboard with the 9 pin connector) because each of those are USUALLY on different buses.
It's a cleaner solution, but costly, especially if you have enough connections on one LEDWiz and your only reason for buying 2 is for power.
The other thing to consider is whether all the lights will be on all the time. LEDs only consume power when lit. If you're lighting your panel per-game rather than leaving everything on full-blast, there's a good chance that you'll never light every button (4 players games AFAIK top out at 4 buttons, so you might have 3-4 buttons on players 1 and 2 off, leaving you with only 24-26 lights on). It's pushing the limits of 1 USB device, but you probably can't notice the difference in brightness between a 20ma LED and a 19.23ma LED. You just won't be able to set up an attract-mode with all lights on at once.