I used VHT 2000 degree paint to coat the heat wrap and the first 3 inches of my headers. The paint has stayed on both very well. To answer your question, the 500 degree paint will burn off your headers. I would think it is safe for mufflers though, as I don't believe they get near that hot, but I didn't paint my mufflers, so I don't know for sure. Hope that helps.
Brandon