I do think it is unlikely to get a complete package for under $500...You can certainly get the rifle for under $500...a Savage Model 11 can be had for under $400 and you can actually find them on shelves right now...and it will certainly be good 'Yote medicine at the 350 yard mark, assuming the shooter is up to the task at hand. I would also say an acceptable piece of glass can be had under $300 for a 350 yard gun...Nikon Pro Staff, Nikon Monarch (if you catch them on sale and don't go for a 8-32x50...), Swift Premier, Burris, and Red Field can probably be had under $300 if you shop in a 4-12x50 which is plenty of scope for 350 yards...
I too am not a huge 22-250 fan, don't even have one in the safe currently...like Homer, I tend to prefer my 223 with a 50g or 55g Nosler BLT or my .243 also loaded with a 55g Nosler BLT over the 22-250.
Point is, if you look hard enough you can find the rifle under $500...but not with glass...his post wasn't clear if the $500 included glass...I assumed it didn't.