I like the Elite bows. I switched to shooting a Elite xlr this year, as my primary bowfishing bow. I have shot the gt500 i like the bow. I am sure it will make you a good bow. I liked the feel of the cams on the xlr a little more myself. Not quite as jumpy as on the 500, but thats were that bow gets its speed from. There is some vids on youtube about the gt500.
Here is my xlr with the target setup and now the bowfishing setup.