I would have a go at servicing the hub and freehub, then you will know what you are dealing with. Gritty hubs are often terminal. Shimano use cup and cone mainly, which is easy to service, and easy to get new bearings, BUT, should the cones and races be badly pitted, you are looking at new hubs. You will need a 10mm (or 12mm) allen key to remove the freehub from the hub. I'd recommend soaking it with WD40 to get any crud out (you can usually get one of the rubber seals out on the 'hub side'), then run oil into it, and let it dry. On shimano freehubs, the drive side bearing race is part of the freehub, so check for pitting. Once dried out, check it again, and then regrease the race, and re-assemble.
Factory wheels are generally built as a unit, so hub, spokes and rims are specific to that wheel set. Mavic being a prime example - Eg Aksiums and Ksyriums - it's a complete package - getting spokes is a pain I believe.
The issue you have is the R500 wheels use a generic shimano hub, so it may be a call to your lbs, or even Madison to find out what the compatible part is - SJS cycles are probably a good place to start - they are excellent. What you will find tricky is getting a complete R500 hub so if you find a compatible hub/freewheel it's usually cheaper to strip the freewheel off the hub, and put on the wheel. I found Deore complete hubs were cheaper than just the freewheel. Shimano won't just sell R500 hubs, as it's a package. It is the same issue with all factory wheels though, you can get bearings, and freehubs but not a complete identical hub.
It's one reason to go for handbuilt wheels on your commuter or heavy use bike - easier to get replacement parts.