Why drain it? There's no need to drain a cylinder down to 500 PSI. Storage? I have tanks sitting sometimes for 6 months with 2500-3000 PSI in them.
They do need to be drained for a VIP or hydro but not for just sitting around.
If you are worried about MOD then taking a cylinder with 500 PSI of say 32% and topping it off with air to 3000 will give you roughly 23% that has a MOD of 172 ft at 1.4 and 157 at 1.3 which is what I mix for.
There is no fire risk if you do drain it.
As someone else said, it's more annoying than anything. If you don't have some kind of muffler, wrapping a beach towel around the valve will help some.