I only have about 600 Lisk. Does it make sense for me to store them in the wallet?
Yup, its better to store your Lisk on the official Lisk wallet , why?because you can earn some reward by voting delegates on the lisk network, 600 lisk is a good start
I hear that it costs several Lisks just to initiate the account and am wondering if the benefits outway the cost of the Lisk that I will have to spend
If you talking about the in the Lisk wallet , creating an account is free and dont charge you a fees on that unless you vote some delegate on the network (first time = 1 LISK for 33 delegates ) but you after that (voting delegates) you will get rewards from delegates that you vote (rewards = depends of vote weight of yours and the percent that delegate shared to his/her voters).
Hope you understand it
Look at this delegate his sharing 50% of his forged LISK
techbytes , its very recommended to vote.