I'd second knowing a bit more about the rate limiting. What is it targeting? IP, Consumer Key, User Access Key?
In my case, 98% of my use of the API is with centralized data servers, not via distributed consumer applications, so how Tumblr rate limits requests is of interest / concern to me.
I don't believe I've run into the 503 "rate limit" response in the past, but my code tends to treat any 500-type errors in the same way without differentiation, so it's hard to say with certainty.
Felix