500 pet max?

Does the 500 pet maximum allow you to at least collect one of every type of pet available?

I am already at something like 180 pets on live, with 20something more to go that I can still obtain. I would like to be able to collect at least one of every pet that MoP adds. Is this possible with the 500 cap? Because if not, that's a huge dissapointment for me.