Weight Distribution Hitch Concerns?

Short answer: NO
Are you sure your truck is limited to 500# tongue weight? Likely that limit is if not using a WDH like on many class 3 hitch receivers. Most are marked 500 tongue weight/5000 tow weight. For with a WDH, the limits are much higher.
Your weights are well under the most basic optioned recent F150 towing capacities.
The only reason I see to get a WDH would be to use one with integrated sway control for a tall wind grabbing trailer. That said, I'm using the WDH I used with my 4K# TT on my 2008 Explorer on my 2029 F150 V8 super crew with standard towing package. I've towed the TT without the WDH but I'm much more confident in the crosswinds at interstate speeds with the WDH.
Did you lookup your truck using the Ford Towing guide for that year? Most are available online and will list your factory towing and load limits based on wheelbase, engine, rear axle ratio, and other factory options.

Not needed, even on a bad day with the weights you posted. What could you possibly "wd" at 400-500lbs tongue weight. That's like 2 men standing on your trailer hitch!
Don't waste the money. Dealer will sell you all kinds of stuff you don't need if you let em.

Heck, you're only a few lbs over the minimum weight requiring trailer brakes, depending on the state.

You probably don't need one with that size trailer. I'd try it first and see how it works. You can always add one later if you want.

Are you afraid to put 500lbs in the back of your F150 ??? You do NOT need WDH.

That hitch weight will likely be closer to 500lbs once you load the trailer. You’d be safer with a wd hitch than without. Using one won’t hurt. Not using one may. Better safe than sorry.

I had to order the trailer so I have not had a chance to pull it yet. I appreciate the feedback!

Unless improperly adjusted, no, I don’t believe using a WDH on a vehicle capable of handling the trailer without one would pose any type of risk.
My 2500 can fully handle my current trailer without the WDH. However, the hitch has integrated sway control (4-pt) and when the trailer is fully loaded I think when we hit bumps or dips the WDH helps take up some of the momentary abuse when bouncing.
JM2C.

A WDH hitch is needed when the front end is lifted high enough to reduce weight on the steering system, reducing steering control. Have you towed it yet? At freeway speeds (60-65). If so how does your steering feel? Your truck's manual should have a specification for setting up the WDH, if needed. My Sierra's manual for example says I'm supposed to bring the front fenders back to stock height.