Hi,
I haven't used graded papers on my 500, but here is what it says in the manual:
"Prints from graded paper such as ILFOSPEED can be made using the ILFOSPEED MULTIGRADE 500 equipment. ILFOSPEED paper is only sensitive to blue light, therefore select contrast grade 4 or 4 1/2 (suggested) on the control unit as a compromise between exposure time and image visibility."
I imagine this applies to most graded papers. Have fun!