If you just want to reset the BIOS to its setup defaults, you should be able to do so blind (no image on screen) by booting the system up while tapping F1 until you think it would be in the BIOS/Setup Utility Program, pressing F9 to restore Setup Defaults, and then pressing F10 to Save & Exit the BIOS. That should set the "Select Active Video" option in the BIOS >> Configuration >> Video Setup back to Auto, and allow the system to detect what ever video source is used.
You are going to have to kind of guess how long you will need to tap F1 for the BIOS to load, and if you have a bios password enter it blindly too, but once you believe there has been enough time to enter the BIOS, just press F9 >> F10 and the system hopefully will reboot with a working monitor.
Image of P500 Main BIOS page
https://download.lenovo.com/bsco/index.html#/textsimulator/ThinkStation%20P500%20(30A6,30A7)
Starting the Setup Utility program
1. Turn on or restart your computer.
2. Before Windows starts up, repeatedly press and release the F1 key until the Setup Utility program
opens.
Note: If a power-on password or an administrator password has been set, the Setup Utility program
menu will not be displayed until you enter the correct password. For more information, see “Using BIOS
passwords” on page 36.
The other option would be to remove the Coin Cell/CMOS Battery (located at end of lower 16X PCI slot) for a minute or so, or reset the BIOS using the Clear CMOS /Recovery jumper (see page 41 of the user guide linked below) for more details.
ThinkStation P500 and P700 User Guide
https://download.lenovo.com/pccbbs/thinkcentre_pdf/p500_p700_ug_en.pdf
Best of luck.