When optimising a title, you are looking to rank for as many terms as possible, without keyword stuffing your title. Often, the best bet is to optimise for a particular phrase (or phrases) – and take a more long-tail approach. Note that too many page titles and not enough actual page text per page could lead to doorway page type situations. A highly relevant unique page title is no longer enough to float a page with thin content. Google cares WAY too much about the page text content these days to let a good title hold up a thin page on most sites.
At the moment, I don’t know you, your business, your website, your resources, your competition or your product. Even with all that knowledge, calculating ROI is extremely difficult because ultimately Google decides on who ranks where in its results – sometimes that’s ranking better sites, and sometimes (often) it is ranking sites breaking the rules above yours.
The audit is for all pages and not only one. What happens in the majority of the cases is that pages / posts have similarities so you can group them together. For example the pages of a website may be ok but the blog post pages may be missing titles. It’s a lot of work especially for a 500 pages website but you can start from the most important pages first and work your way to the rest