so i just recently put together an 11.5 build and have a nightforce 1-8 on order. Is it realistic to run this setup out to 500 yards or am i just dreaming here.

Yes, you could do it; the bullet would probably go subsonic around the 700-800 yard mark though. You'll also get blown around quite a bit by the wind.

Check out this thread for some testing a guy did on 10.5" barrels.

https://www.ar15.com/forums/AR-15/Suppressed-5-56-SBR-Velocity-Tests-41-Factory-Loads-from-10-5-11-5-12-5-and-14-5-ALL-DONE-/16-714088/?page=1

I ran some quick numbers for you using the quoted muzzle velocity and a rounded BC number (used .4 due to the lower MV).



Edit: Seeing and hearing your hits on steel would be difficult though.