I worked out 0.35A as the current needed to deliver 0.5W into 4 Ohms and worked backwards from there. Class A amplifiers draw at least half their peak current even when no signal is present so to allow for peaks you should at least double the current. In reality, their efficiency is lower than 50% and other parts of the amplifier will need current too. The power supply rating you need depends upon the maximum you will draw from it and to some extent how long the current is drawn for, many PSUs can be safely overloaded for short periods without harm. The maximum current also depends on the kind of signal you are amplifying, the amplifier design and to some degree, on the frequency range you are using. For example, at very low frequencies (< 1Hz) there may be long times when the full supply voltage is across the load and the current is very high. 5V across a 4 Ohm load will at most require 5/4 A = 1.25 Amps.
Brian.