I think you're doing it wrong. If you want to parse that many feeds, you cannot do it from a script that will be called via a webserver.
Trying to poll all 500 urls synchronously is going to put a lot of stress on the system. This can be mitigated by running the transfers in parallel (using the curl_multi_* functions - but the version of SimplePie I've got here doesn't use these for multiple transfers). Assuming the volume of requests for the composite feeds merits it, then the best solution would be to run a scheduler to download the feeds to your server when the current content is set to expire (applying a sensible minimum value) then compositing the feed from the stored data.
Note that if you take this approach you'll need to implement some clever semaphores or use a DBMS to store the data - PHP's file locking sematics are not very sophisticated.
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