I think I would go much closer to a 1" bead than a 1/4"... Don't be stingy with the silicone, its the life of your fish.. In a 500g I'd assume you have some pretty pricey fish, worth way more than a couple extra tubes of Silicone.
Lots of people have had luck using a plastic spoon to create the bead, I saw another person who rounded the corner of a credit card and used that (prob my favorite method) and lastly Home Depot/Lowes sells a tool that is purpose-made for that job, and like $3.
Do your homework and maybe even blow a tube on some 2x4's as a "practice" bead.. This tank is going to be a show piece in your house, and ugly corners are almost impossible to fix once cured.