Feel free to also take Kyle's word that you can use a 500W PSU (/snigger) to run Vega 64 over AMD's official word.. they stated 750W *minimum*.
You say you "know about PSUs"... Do you know that a 500W PSU at full load will pull more watts from your wall than a 1000W PSU at 1/2 load? You knew that, yeah?
Did you know that a 500W PSU at full load will run pretty damn hot, and possibly be dangerous if run like that for long periods? You knew that too, right?
So let's get all this together...
You're happy to take Kyle's word over AMD's.
Your happy to run a 500W PSU at full load for long periods, and would recommend this over running a 750/850/1000W CPU at ~50% load. Despite the fact that it will cost you more in electiricity to do that (negating the saving you made from buying a lower-rated PSU). And you're happy to reduce the operational life of your PSU in doing so (further negating that cost-saving you made).
Good stuff. Clearly you know what you're talking about