I've seen that lens in person at B&H. It's clean and a good value. That focal length is very long for portraits. It translates to a length we'd associate with portraits in 35mm or medium format, but in my experience working with something this long with 8x10 results in incredibly thin depth of field (and frequent, expensive focus misses). Personally I have more success with a 360 or 14 inch for half-body portraits, and although I have 165mm, 240mm, 360mm and 480mm lenses, I almost always find myself using the 240 for people, to the point that I am on the verge of selling the rest. YMMV. That 507 is a nice lens though, and you can make good images with it.
Neal