If you're encoding a DVD onto the 500 GB drive it could definitely get hot, but these components are made to get hot. They key is to make sure there is air movement. As long as all the vents are open, the heat should dissipate relative to the space.
If you want to make sure it's all good just get a small fan and put it in a place where it can make sure the air moves comfortably.
I forgot to ask, is there any room between the DVD drive and the HDD or are they directly touching. If they are directly touching then yes, lots of stress on the HDD could lower the life expectancy of it.
You gotta keep the air moving. If you can, you'll be fine.