"Forgive me if this is a stupid question does that mean you can draw 511 amps for 5 hours or 1 amp for 511 hours? Is it that simple?"
It's supposed to be good for 511 Amp hours if you drain it in 5 hours. (so in theory you could draw about 102 amps for 5 hours) It's likely rated that way because it's a forklift battery and they want it to last 5 hours for 1 shift or something (but I'm not sure). If you drain it more slowly - say draw only 1 amp, it's capacity would be more - you'd be draining it at a much slower rate. Most deep cycle batteries are rated for a 20 hour rate. I'm not sure how many amp hours a battery like yours is good for at a 20 hour rate - but it would be more, maybe 600 or so (maybe someone here has a good idea about that).
"I have reconfigured the battery for 48v by disconnecting one 12v string on each side of the bank and then reconnecting it in parallel."
Thats not a good situation. Think of it as 4 12V batteries now, all in series - but two of them are twice as big as the other two. When you drain the batteries the voltage between the two 'big' strings and the two 'little strings' will be uneven. It probably wont take too long before you find yourself cooking the 'small strings' and never getting the large ones full charged. It might work - if you barely use your batteries at all and keep them topped off all the time, but I think it's very bad practice.
"The pic below should explain it better. The top drawing is the original 72v setup as I got it and the one below shows how I reconfigured it. I have been using it since last Christmas and it works fine but I would like to know what its capacity is now with the 2 strings in parallel any ideas? "
Overall you'd have to consider the capacity the same as the smallest string of 12V - so 511 amp hours. I think you should disconnect the xtra 24 V (like I have done because I have exactly the same problem - a 72 volt battery but I can only use 24) and then give me your extra batteries so that I can make use of mine!!! ;-)
Actually - what I've been doing is trying to keep my extras charged up and in good shape while shopping for a bargain on another 24V. I do think you're better off not to use those - you risk ruining all your batteries.