500°F will work, but I don't know what it will do to whatever it's coated with. Assuming it's aluminum, the hole would be ~.007" oversize. 400°F will give you ~.005" and 300°F will give you .004".
BTW, cooling the steel shaft to 30°F will only give you ~.0004" shrinkage and figure on doing that overnight.
I'd probably try 300-350°F. Just remember that the pulley will start cooling very fast in the air and even faster when it fits the shaft. You have to have everything ready and do it right the first time.
If your pulley is powder coated, this isn't gonna work. You'll have to press it on like the stock pulley usually is.