1. It does not make sense that you had 500 psi and ran out of air. Perhaps you looked at the guage incorrectly. Perhaps your SPG is faulty. I would not dive with the SPG until you have it checked and serviced. Your life depends on it. Unless you were breathing like a steam engine you should have been OK. When your learning new tasks (multi-tasking) you always burn more air. For your next dives I would surface at 1000 psi until you find the solution.
2. Drysuit and Bouyancy. Go to the DUI web site
www.dui-online.com/pdf/drysuitmanual.pdf and read the manual. It says if the air bubble gets bigger than mid elbow on raised right arm use you bcd for bouyancy. If the air bubble in your drysuit is bigger it becomes dangerous.
3. You did great as circumstances presented themselves. You did not panic, remained thoughtful, and found the solution that worked and the resulted in everyone surfacing safely.
I would find out what was the cause of this situation so it never happens again. Some things I do are: while ascending I look at my SPG to monitor my assent rate, which shows my psi, I test my breathing consumption rate ( (for a short test time)I will breath faster or slower and look at my psi) this gives me a better idea of psi consumption rate, it is amazing how much air you can burn when you are excited, psi consumption much higher at deeper depth, monitor guages closely and continuously, stay close to buddy on assent, carry a 6cu spare air. I do this mostly automatically so it is no big deal.
Note: In a drysuit air seems to dump slower which can put you in an unwanted assent. You can raise your shoulder and press the dump valve. It still may not come out as fast as you like. If you want to dump it even faster, get vertical this forces all the air in your suit to rise to your shoulders, raise your shoulder with the exhaust valve and hit the dump. I dive with my exhaust valve open. This of course is while your learning. After awhile you will just make slight adjustments, good bouyancy control, less energy, air will last longer, and safer diving. I love drysuit diving.
I commend you on your excellent choices, no panic, thoughtful, and excellent results.