Is it safe to use this 4 pin to 8 pin EPS extension/adapter?

Don't see why not. I'd rather be tempted to go with a BitFenix one, as they are braided:

http://www.overclockers.co.uk/showproduct.php?prodid=CB-001-BX

Multiple colours available!

http://www.overclockers.co.uk/search_results.php?sortby=&groupid=&search=8pin+eps

The PSU only has a 4pin power, which is why I picked the 4 pin to 8 pin adapter. I heard that it would be better than just plugging the 4pin into the 8pin connector because the power is more evenly distributed throughout the pins or something like that.
 
I was in a similar position when i moved to a 580 gtx it needed two 8 pins but I only had one. I ended up upgrading my psu as often psu's are only designed for what cables they already have. I'd just upgrade the psu as 500w's isn't that much anymore.
 
I was in a similar position when i moved to a 580 gtx it needed two 8 pins but I only had one. I ended up upgrading my psu as often psu's are only designed for what cables they already have. I'd just upgrade the psu as 500w's isn't that much anymore.

That's completely different and irrelivant. This is the psu connection to the motherboard.

An 8-pin connection is meant to provide more power than a 4-pin to help in over clocking. Whether that's the case or like you suggest its just distributed better im not sure.

There's no harm in it..
 
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