Re: AR 500
The 3/8" AR500 plate will stop almost any rifle caliber if you swing it on chains or something. If the plate is mounted in a rigid stand, the stand will cause more energy to be absorbed into the plate and could damage it.
Plasma works fine to cut the 3/8" AR plate. You should use a cut speed similar to 7/16" mild steel as it will cut slower than normal 3/8" mild steel because it is harder. If you can submerge the bottom of the steel in an elevated water bath, the edge heating issue will be minimized.
If you decide to just go with 1/2" AR500, be ready for a long pierce time with a hand torch! Probably 2 seconds or more as it would be similar to cutting 3/4" MS.