Eating 1350 and burning 500 might be okay for you, it might not. Unfortunately, we can't say "yes, absolutely, those numbers will result in xyz lost per week". It has to be a little bit of trial and error. Every person responds a little differently, and the same numbers don't always produce the same results.
Man, that sounds like a cop out answer, doesn't it!

It really isn't. You have to experiment and see where your balance it. I would think that eating 1350 and burning 500 would be fine for you - when I was using almost those same numbers I lost between 1.5-2 pounds per week on average. I upped my calories consumed actually, because I thought that was a little too fast.
How much are you currently losing each week? That might give us a better idea of if those numbers are good for you.