An interesting thread as I have also being trying to bodge it on a budget .
While I understand that continuous lighting can be very effective, and far easier to see in respect of shadows, the main issue as I understand is heat. High wattage bulbs produce colossal heat. The outer casing on the 500w lamp will be too hot to touch within minutes and the light produced will wilt flowers and melt plastic objects if left in the line of fire after a very short period.
Also, it might be difficult to control the strength of the light - although moving it back wards or bouncing the light around will perhaps get around this.
Inspired by the Strobist site I have elected to use multiple flash guns on radio releases. The releases are now cheaper than PC leads on fleaBay and old,second hand or cheap simple flash guns can then be deployed in single or multiple set ups.
I've only just started, so much of the above is just speculation or with reference to the comments of others far more qualified than myself. It may give you some food for thought though.