The D500+ can easily convert into a D1000+ with the use of a bracket and an additional DP Dual or DP Single LNBF attached to the LNBF assembly.
Not all the internationals and not all locations will get 118.7 though. The footprint of the 118.7 signal doesn't reach those in the extreme south of the US, like those in FL. Those extreme south locations will still use the 121 for the forseeable future. I doubt that those in the area still served by 121 will have a good LOS for 61.5 unless if they're in the southeastern US.
So 121 will stay for awhile! But if your international programming that you're getting on 121 is also on 118.7 now, there's a chance they'll turn off the 121 signal for that particular international programming in due time after they migrate the customers to 118.7. For those int'l programming that are only on 121 now, like this channel called Sun TV, for example, it'll likely be moved over to 118.7 once the inventory catches up to normal levels.