This will help but it's much more than that, it's about the quality of your site, the quality of your content and domain name as well as your backlinking strategy.
It all depends on how many other sites scrape your articles, if those sites have any kind of rank at all, and how long they keep the article up. This used to work pretty well a few years ago but lately it seems to me that the only sites that really pick these up anymore are junk low quality article scrapers.
I don't think anyone can predict what traffic will be. It really depends on demand of your keywords, on competition, how big your articles are, how it relevant to your domain,how old your domain, if your website properly tuned (from SEO point of view). It takes time till google will collect stats about your pages, don't expect you will get big traffic that fast, unless you target specific topic with high demand and low competition .
I think the more content you create, the more visits Google will refer to your site because of the long tail keywords. But I still prefer consistency, meaning that 5 articles per day over 100 days is better than 500 articles only for a day.
Of course it will work. But you can also change this tactic up a little but, and use some of them to submit to article sites. Although original content on your site is just as important as getting back links, both are essential. So if you have 600 unique articles, use 400 of them for your own site, and use the other 200 to submit to some of the top article directories for traffic and back links. Just another options if this is something that you are going to pursue.
Are you saying that all these 500 articles will be unique and original with no copying from the net. Then thatz it, you have covered up all the points.
How are you going to write 500 articles that are unique and of value in any kind of respectable time frame?
Google always believe in content so that work nicely because 500 unique article means 500 unique pages so thats really helpful