when you are underaged
500 is quite alot
especially when you have nothing but time on your hands
Regardless, it's really not worth the amount of effort. If he hasn't hit 80 yet, then he won't have time to get the best end game gear. I also said the most, meaning he would need very good gear. To put things into perspective, for one month during the summer I raided with an end-game raiding guild at twelve to three every day. After that month I had acquired somewhat good gear. I didn't have full tier and I was using older rings and the like.
Decent gear isn't that hard to get in this game anymore, amazing gear is though. You're looking at heroic raiding, something only the more hardcore raiding guilds accomplish effectively. These guilds don't let just anyone in.
To top it all off, the rate at which new content is added makes having the best gear of the time hard to get. New raids are always added with better loot. Pre-WotLK this wasn't a problem, but they've been making it easier to get caught up. It literally took me a week of casual heroic dungeons to get full T9 gear, with other good epics in between.
He would need to hit 80, get decked out in the current best gear, and then sell the account before Cataclysm is released.
Anyways, he shouldn't even really mention what he is doing because it is against Blizzard's EULA.