^^
Not a strange approach at all.
I was also decided on the same purchase, alas, at the store, while negotiating the ordering and price of a new 300/2.8IS, a mint condition 500/4IS came my way at $3.500 - could not say no...
However, and although I am totaly pleased with the 500/4, I still think a 300/2.8 plus TCs would beat the 500 in terms of portability, size and ... "stupid comments with your long telephoto lens"... Hell, I am even leaving the hood in the bag during the cloudy winter days.
However, for 500 "on the cheap", I would really consider another option.
A used 1DMkII, a 400/5.6 and a 1.4xTC. The whole lot would cost much less than a 500/4 and I have found that doing BIF with the 350D and 500/4 AF is sometimes better switched off. I can achieve more focused shots with MF than with AF, especially if it is cloudy.
The Bigma is a praised lens but I have found the test crops at the digital picture to be disappointing. True - these tests are really harsh and most real life shots don't contain that level of detail, but the difference is there when the camera body is quick and accurate enough to focus correctly on the subject.