If your total loop resistance is 500 ohms it will probably work, but I prefer to use the proper matching of signals. Many devices can be configured to output either voltage or current, and many devices can be configured to accept either voltage or current. If you do go to current there are some advantages to 4-20ma over 0-20ma.
My first choice would be to check if the existing equipment can be reconfigured.
My second choice would be skogsgurra's suggestion.
My third choice would be a resistor to bring the total loop resistance to 500 ohms.
To say that the resistor nis the third choice is not to belittle it. There are circumstances where I would happily use the resistor.
respectfully