Anything that can be done with a 416 Rem Mag or a 416 Rigby Bolt rifle can be done with a 500/416 double rifle IMHO. Of course you need to compare a iron bolt rifle to an iron sighted double and a scoped bolt rifle to a scoped double.
A scoped 500/416 [or for that matter a scoped 450/400] would make an excellent hunting rifle.