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Previous onwer neglect clogging the OCV filter is very possible. P0500 could be from a failed cluster swap or a bad VSS on the transaxle (bad connection).
If you haven't already done so - a couple of short oil change intervals with synthetic motor oils will help gently clean the motor out. A motor flush will be more aggressive, but I would be more afraid of that avalance of sludge and deposits clogging the various oil galleries in the engine.
There is a decent write up on how to clean a OCV filter on newcelica.org - might be one on here as well (I think I posted a link here from Corolland as well). Worth a shot to see if the filter is clogged - can't miss it, right below the OCV solenoid - front of the engine, just to the right of the alternator. Might have to move the alternator/intake manifold to get to the OCV filter below - if you have larger hands or bigger arms - not much room to maneuver in there.
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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