Hi @Icedragon05, yes that should work.
I suggest you leave the Mini Hubs as they are, and you unplug the Flex 500 from your Hub.
You then need to pair the other Flex 500 to the Mini Hub left in the back of your Hub. There's a button combination described in the user guide to enable pairing on those devices (something like long press on the link button of one, then the other). I don't have it at hand, but if you can't find it, come back here and someone will no doubt help.