I have a pair of Puma 560 arms and Unimation Mark-II controllers with documentation, so I can help you out some if you decide to do this project.
The arm has DC motors, quadrature encoders and analog pots for each axis, so you would need a DC servo controller for each axis along with something to read the pots and help each axis figure out its position when you first power-up.
A 5-axis Compumotor system and 5 DC drives woudl certainly be up to the task, but that's probably $2000 worth of stuff.
Then you would need to do the hard part and generate all the transformation matricies by measuring the length and offsets for each link. (Unless you can find it online. I have the 560 matricies, and if I remember, the 500 is a 5-axis machine that has at least similar lengths and offsets.)
Then you would need to do all the forward kinematics stuff if you want to. There is a Puma simulator for Matlab that would do close to 100% of this for you if you want to invest in controlling the arm from Matlab.
Give me a shout if you want some help. I'm in MN.