The $500 range is going to be the hard part.
Especially for an accurate long range gun.
You will really need to spend at least $800 on the rifle,
and at least $200 on a scope and mount.
But to answer your question keeping in mind lowest cost possible, I would get
the Model 1 Sales Varmint
Kit.
24" barrel, chrome moly, fluted.
get the standard float tube that comes with this kit.
get the stud installed so you can add a bypod.
If most of your shooting is going to be under 200 yards, I would get the 20" kit.
Get the M1Sales 1 piece scope mount, and a scope to your liking.
Personally I like Simmons for inexpensive but exceptible quality scopes.
As for back up Iron sights, just wait untill you have more money, because they will run you another $150-$200.
No need for the carry handle.
As for the JP trigger system, they are great, but if money is tight,
use the parts that come in the M1S kit and get the JP reduced power spring set for $10.
It won't give you a match trigger but it will drop the trigger pull by 3-4 lbs.
And get a lower receiver from Rock River Arms or Stag. Don't buy it from the manufacture, get it from one of the Venders on this board. It will save you some money. I picked these receivers because they are around $100 and plentiful.
Now here is the warning,
If you build this rifle, you will love the AR-15 platform, and over the next several years you will spend $1000s of dollars on more ARs and accessories.
So you might just wait untill you can save up another $1000 and get a better rifle right from the get go, because if you don't, in the end you will own a $2000 Varmit rifle, and this one will just collect dust.