yes that is wrong. you are just tossing out number and doing the math wrong. Go here:
http://www.swayaway.com/Suspension Frameset.htm
First by having a dual rate spring (200 over 300) you are not at a 500lb spring rate. The formula is:
Primary SPring Rate = (main spring rate * tender spring rate) / (main spring rate + tender srping rate)
For your setup:
(300*200) / (300+200) which is 60000 / 500 = 120 lb spring rate
Seems unreal, but think of it this way....if you have a know weight on the spring say 1000 lbs a 500lb spring will lower 2". Now take your springs and stack them and place the 1000lb on them...the 300 lbs spring lowers 3.333", AND the 200 lbs spring lowers 5", for a total of 8.333". NOT THE SAME AS THE 500 single spring!
Now if your shocks were mounted straight up and down and all the weight equally pushing the spring your 5.5" of lowering would be a 660 lb corner weight (spring rate * inches lowered) = weight. Now this is the SPRUNG CORNER WEIGHT, and doesn't account for wheel, axle, tires, half of the springs and weight of the coils.
But the above is not totally correct as that doesn't that into account where the shock is mounted in relation to the lever arm (link), the angle its mounted at, and the sprung wheel weight (corner weight - unsprung corner rate)
NOW>>>>
Spring selection will be a guessing game some time, because you do want to tune this thing. I would get the vehicle weighed, and establish corner weights. Measure the angles and mounting of the shocks on the links (look at website above). Then determine what your desired ride height is, and how much up travel and down travel you want (articulation) and mount the shocks accordingly. Then we will be able to help you try and get much closer on your selection of springs. Pics of your setup and final mounting of springs will help a ton.
More work needed, come back with the above.