500hz would be approximately the C one octave above middle C on the piano. A bass can't even play that high.
Yes you should start turning knobs. Turn each knob by itself one at a time and hear what it does. If you like it, then you found the answer. Just because someone else likes a boost at 500hz doesn't mean that's a hard rule that every recording on earth adheres to. Was the person who said that a bass player?
Most of all remember that fiddling with the EQ knobs while the bass track is playing solo might give you a great bass sound, but it is not necessarily the same settings that will allow that bass track to blend well with the rest of the mix. And don't do any of this on headphones.
For extra credit, get the manual and specs on your mixer so you will know what freqs you are actually boosting/cutting when you turn those knobs. My guess is the Low knob will give you thump and mud, Low Mid will give the bass body and loudness, Hi Mid will give it presence, and High will give you finger noise.
Of course, it's possible that your 4 band EQ is actually 3 bands with a knob to sweep the mid frequency. Most mixers that home users can afford have either 2 band fixed, 3 band fixed, or 3 band with a sweep, or 4 band with a sweep (5 knobs).