Responding to the initial questions, various standards do not permit increasing the bolt torque to accommodate the Class 150 flanges for pressures exceeding the tables in B15.5. The question applies to bolt torque for Class 150 steel flanges while avoiding other piping system issues. The point is that you cannot expose Class 150 steel flanges at 500 psig without causing a hazard and violating a few mandatory codes and standards within the USA.
Most serious responses apply to ratings published in codes and standards – generally with safety being a significant consideration. The flanges are covered by ASME B16.5. The response of 285 psig up to 100 degree F is accurate for the more liberal material groups. One of several piping standards may also apply. As the pressures place the system outside the plumbing standards, the applicable ASME piping design standards in the B31 series cover steam, fuel gas, process, transportation, refrigeration, etc. The piping engineers are more familiar with these standards than me. An appendix in some B31 standards applies to allowable stresses for bolting materials.
Some of these systems may include pressure vessels or heat exchanges. These too are specialty branches within the mechanical realm and bring additional codes and standards into play. The ASME Boiler and Pressure Vessel Code would apply in such cases. Within the United States, OSHA regulations make compliance with the applicable codes mandatory.
Now we can go back to the fact that a typical piping system includes devices that limit the pressure. Pressure safety relief valves, often required, are regarded as a last resort. Other devices such as pressure control valves normally limit the pressure to the system. The PSV opens when the regulatory controls fail to maintain the pressure within the limits. Although some systems may not require pressure controls, most do. If you already have a PSV to limit the pressure assure that it is sized and set to comply with the maximum pressure for the system. In this case, 285 psig might be the correct setting.