How is the pressure from 500 psi to atmospheric being controlled?
what is your presusre portection on the 120 psi manifold?
This is a wholly bad idea as you cannot know for certain that no one or even mechanical failure will block your line from the manifold to the tanks? If someone fell asleep and your rather puny sized tanks comapred to the flow rate over flowed then the first thing would be to shut the tank valve or the nearest one they could find. At that point, or very shortly after, your operating presusre, which could be quite low, will shoot up to 500 psi and you will have an even bigger disaster on your hands.
DO NOT connect lower presusre pipe work to higher presusre pipework without consiedering all posisble options and having at least two means of ensuring that your lower pressure pipwork cannot be over pressurised ( one of them normally being full flow relief valves). You might get away with it for a while, but sooner or later it won't work and then neither will you for quite a while.
I hope someone is checking your designs before you put htem into practice.
My motto: Learn something new every day
Also: There's usually a good reason why everyone does it that way