Not mentioned was another major reason to upgrade to the "500 series" filter. It has less places for an air leak.
Our '88 boat came with the then-common Racor filter with the "stacked assembly" of the R20 model and the possibility of two separate O-rings to leak. After a number of years, we chose once to upgrade to the newer version of the same Racor model, as the original one was out of production and there was a question as to how long the elements would remain available.
Last year, when we changed out the original diesel for a new Beta, I followed the advice from several mechanics and installed the 500 series Racor. I also found a nearby separate area for it so it no longer would live in the engine compartment. Any filter there would need a metal bowl ($) over the bottom plastic bowl to meet current ABYC fire recommendations anyway.
Given that we only had to change the old filter element out every year or other year as a precaution, the new larger 500 should last a long long time between filter changes.
Back to air leaks (aka 'vacuum leaks') I had to trouble-shoot dying-engine symptoms a couple of frustrating times with the old Racor, and one time had a re-plumb my way round the Racor to get home from a vacation cruise.
Someone mentioned size of the total filter assembly. I did find that it measured out a bit taller. If there is a couple of inches to spare where the old one is, the new "500" might fit OK. Measure your boat, and use a mock up to visually check the fit, before you buy the new one.
Happy motoring, and filtering!!