i had a 505 but i gave it to one of my students who was aceing all his homework i was sending home with him.
i now use a gfx8 by zoom and ive gott a gfx7 and a 606.
i wouldnt say throw it away but i must say that the sound your after will be hard to achieve using this pedal,you might wanna look into the 606 or get a good amp with good distortion built in, marshal makes some cheap amps that would get this sound and so does randal,greenday uses marshals at least i think they do,im not sure if that is the sound you are looking for, tell me a comparison and how much money you have to spend and ill tell you what you need to get that sound, also what kinda guitar and pickups do you have and amp as well, any tube amp will pretty much cover that sound as well because the louder you turn it up the more the tubes overdrive and when you heat up tubes that much all hells gonna break loose.