Choosing the right voltage regulator

Currently working on the power section of my schematics design. Am using a voltage regulator of 3.3v 500mA. The total power(current) of the board at full load (when operating at full capacity) is 470mA, and the regulator has a drop out or leakage current of about 50mA.
Will it still be ok for me to use this regulator or I should change to another. But the device will not always operate at full capacity, just once in a while. Will it cause any issue on the board. @PCB & Analog @MCU, MPU & Firmware
Solution
For butter results and the regulator won't heat up you have to add at least 25-30% that means you're consuming 450mA you should use 563mA - 585mA more is better , also it is recommended to use a heat sync with some thermal paste on it, because the heat effects regulator by time
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