Two ways of looking at it jay...
Is the addition of a good groupset going to a bit OTT on a (what i assume is )a budget frame.
By the same token, you can transfer it to a better frame when, and if you wish.
Wheels...I'm not a great lover of the R500s, so i'd be inclined to upgrade them, but that's just my opinion
The EA50 will be a much better wheelset, and i'd like to think they would impact well on your ride.