Hello dschuckman,
Pix 515E and Pix 506E run the same code, so software speaking they should support the same features.
You asked
"Like the pix 515E does the PIX 506E support muttiple vpn tunnel terminations?" YES
"Can I have two tunnels and client software terminate to the device."
YES
"Also does it support redirection similiar to the pix 515E after the upgrade to 7.X? "
YES
Hope this helps! Please rate if it does.
Thanks