Well as you know, CAPE is an integral over the whole atmosphere, so just because 500mb temperatures look good doesn't tell us anything about the rest of the atmosphere and therefore what CAPEs one might expect.
Interestingly, however, I read a paper, could probably dig up the reference if you want it, where some Dutch meteorologists compared something like 30 indices to see which was statistically the best at predicting thunderstorms, and at least in Holland, with whatever models they used, surface lifted index performed better than CAPE.
It would be very interesting to see the results of some similar research in Australia if it has been done.
Regards,
Dave