Depends . . . If the Win 500 file is saved as a *.p500 file (a StarrSoft proprietary format) then the answer is probably no. On the other hand if the Win 500 file was saved using the Save As PC/IF BIN Files (*.bin) option available in Win 500 then the answer is maybe.
I don't know if Gomer's product will open the *.bin files.
That method was so obvious that I figured you were either didn't have Win 500 and/or a scanner from the PSR-500 family since you only mentioned the Win 500 file and the Arc product. Glad it worked out!