This is an interesting question, so I did some research and found an article about bait well design.
It appears that one important factor is not the flow rate but the time that it takes to fill the bait well. It is recommended that the tank fills in somwhere between 5 to 7 minutes. A 500 GPH pump runs 8.3 galons per minute to the tank ( actually somewhat less since the rating is a best case and doesn't take into account tubes, fittings, screens, bends. etc.) So to fill you tank in 6 minutes, the tank would have to be approximately 50 gallons. Note that changes in water temp or water quality can affect fish more so than the fill/replenish rate. Bottom line: You will probably be fine, maybe better then before.