I have an iRiver h140, with rockbox, as well as the k501.
All the music that I have on the iRiver are CD's ripped and encoded to FLAC, and I would say that with this setup, the answer to the question of the iRiver being able to drive the k501 is that it very much depends on the actual CD that was ripped.
By this I mean that with some CD's the iRiver simply cannot drive the k501 to a satisfactory volume, even with the volume set on max.
With other CD's, max. volume, or even a little less, on the iRiver is sufficient for an acceptable listening level, even though the bass does sound somewhat strained.
I think that with the iRiver/k501 combination you will soon feel the need for more power. Put a SuperMacro between the two, and it is quite another story.