For sure. Though on a .500 it might be an encumbrance unless you need it for vision reasons. Assuming the peep is hand detachable, keep it and use a detachable scope (easy to do on a Ruger action. I have a friend whose custom Lott has a place to keep his detachable NECGS sight beneath the pistol grip cap. Scope comes off and the sight goes on should a follow-up be required.