Calibre does not convert from LRF, but there are other tools that can do this. The FictionWise ePub is probably a good format for archiving, but I don't know how its ePub and LRF compare (both are created using Calibre).
If FictionWise ever sold Adobe Secure ePubs, then the Sony could read them (or you can buy them today, e.g. from Books on Board). You need to authorize your PRS-505 on your Adobe account one time from a Windows PC with Adobe Digital Editions. From then on you can download the ePubs (and PDFs) via Adobe Digital Editions on your Mac and copy them to the PRS-505 via USB. There have been reports that FictionWise will eventually sell ePubs with eReader DRM. These will likely not be readable on your PRS-505.
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