Amperage is the more standard measure for amount of electricity delivered, and most important factor when buying a PSU.
PSU only delivers what you draw. The efficiency only measures how much is wasted in the conversion process from AC to DC. Yes wasted electricity burns off as heat, but your aren't burning 300 watts off in your scenario above.
PSUs degrade over time- better ones to a lesser extent. They also run most efficiently at around 80 percent load.
If you are pulling 500-550watts, 750 watt PSU of good brand - seasonic or similar would be what I'd recommend.
That said, most single GPUs-high end systems only pull around 450 watts peak, and 650 watt PSU is kinda the sweet spot to give headroom for Overclocking, plenty of peripherals, and degradation.