hey man!!
don't pay attention to the peak wattage.what you need to look at is the rms wattage of the amp.thats what kinda power you can get out of it while you are jamming.the peak power is roughly what the amp can produce at a brief musical blast,granted you have the electrical system to supply enough power.and to answer your last question,no you or not utilizing your sub and amp to its full potential.you could with the amp bridged at 2ohms,but the amp won't stay on long because it will overheat and go into protect.
that alpine sub is a dual 4ohm version.you won't be able to wire it correctly to get the 500 watts rms the amp puts out bridged,or supply the sub with the 500watts rms it calls for.only way to make the combo work,is gonna be for you to find a dual 2ohm version of the sub,or get an amp that is stable into 2ohms when bridged.
charles