No idea if it is worth trying to repair it, but the first question I can help with.
First, dBm is power measured on a dB scale, compared to one mW.
So 1mW is 10*log10(1/1) = 0 dBm.
50 mW is 10 * log10(50/1) = 17 dBm.
500 mW is then 27 dBm.
5 mW, the limit, is 7 dBm.
If you want to play it reasonably safe, then I wouldn't put more than 1 mW into it, 0 dBm. That makes it easy to calculate how many dB of attenuation you need at the least, 17 dB for 50 mW, 27 for 500mW. 20 dB and 30 dB attenuators are standard, and gives a nice margin of safety of a further 3 dB.
Note that many RF coaxial attenuators, particularly the small ones with SMA connectors, have strict power limits. Some may be damaged by as little as your 500 mW. However there are specialist types, which can take quite a lot of power. Additionally high power models may be unidirectional in the sense, that you must connect the input power to a particular connector.