The records endpoint unofficially supports fetching more than 100 records. If you want to fetch 500 records to leave some buffer room for new records, that is fine. If you think that more records will continually be added, I would recommend keeping the number lower and using pagination. The API will tell you how many records there are so that you can determine how many pages need to be fetched.
The API will not error if you try to fetch more than is allowed. Instead, it will use its own limit value.