@IndyJones
You've got 512k of Chip memory and 512k of Fast memory. 1 meg total. It's a start. That 512k in the belly-slot of the A500 may have a battery backed clock that needs the battery removed.
At one time I would have recommended checking if you got a Fat Agnus chip in there and, with a Kickstart upgrade and a little soldering and a jumper wire or two you would have a full 1 megabyte of Chip RAM. There is also a hack on the Aminet that tells how to add 8 megs of real Fast RAM to an A500.
As it is now, I'd recommend you leave it in its stock configuration so you can run all of the classic games for it. Whether you upgrade or not, you should be able to run AmosPro on it to do a little coding. It's a pity the AmosPro manuals are out of print and no longer available first-hand.