I know just enough about material science to say probably not. A munition needs to break or penetrate a surface to be effective. To do that it needs to apply a great deal of force in a short period of time- spreading the force out over space or time reduce the destructive capability of the munition. So getting hit 500 times by 1 lbs bombs is not the same as getting hit once by a 500 lbs bomb- it’s not additive, the 500 lbs destroys things the 500 1 lbs can’t.

That being said, I’d imagine being on the receiving end of 500 1 lbs explosives is still a very bad day.