At distance, the 3/8" Premium AR500 would be the way to go for sure, 1/4" would probably stop it just fine, But I am thinking over time, it would start to bow it out and bend it just a little.
Just for your knowledge, a 5 foot square in 3/8" AR500 is going to be 382 pounds,
and a 5 foot square in 1/2" is going to be 507 pounds. That is almost not really moveable. At least its getting to the point in the 1/2" thickness.
I would go with the 3/8 AR500. And I would actually go with something just a little smaller. A 4 foot square in 3/8" is only 240 pounds. Would be much more manageable, and that is still a HUGE target, offering the equivalent of 16 12 inch squares put together. So it has a ton of surface area.
If your in IDAHO, hit me up for a price on a big plate like this, and I could probably bring it over, Of course, if I can bring my 338!!!!