If it can only mine btc, I don't see how it can still be profitable right now to be honest. Some of those Z-Tex boards have 128MB memory, so if I'd even switch to FPGA now, it would have to be at least LTC compatible. Look at some of the people with their Minirigs in the wild threads. Several guys already with 150+Gh/s Minirigs. Not even talking about Asics.
@500mh/s you would make about $3 per day, using 25-30w of power costs about 10-15c per day.
How are you doing your calculations?
I am making my calculations on the fact that BTC difficulty is skyrocketing for the past weeks already and continues to go up quickly. Furthermore, there are very few months left until the reward halves. So good luck paying off your FPGA at all, particularly when BFL delivers Asics at some point in the next 6 months which is rather likely. Next btc difficulty adjustment in a few days alone will decrease your 2.85$ income to

. Even if difficulty stays at today's level, you will need 175 days to pay off one FPGA. And making an investment into FPGA right now isn't worthwhile if you can't make a profit with them in 2013. They will have zero resale value when difficulty doubles or quadruples. If I hadn't come across Litecoin, and if working Lancelots would have been actually available two months ago, I might have decided differently.