Hello Jonathan,
Your new log still shows a PORT command, which means FileZilla is still connecting in Active mode, so the server keeps rejecting it with the same 501. In passive mode you would see PASV or EPSV there instead. In FileZilla, go to Edit > Settings > Connection > FTP and set Transfer Mode to Passive. If you connect through Site Manager, also open the Transfer Settings tab for that site and set it to Passive, since a site-level setting overrides the global one. Then reconnect.
You should now see 227 Entering Passive Mode followed by the directory listing. If it times out at that point instead, the problem has moved to the server side. On IIS, open FTP Firewall Support, define a data channel port range such as 50000-50100, and enter the public IP under External IP Address of Firewall if the server is behind NAT. Allow that range in the firewall, then restart the service with net stop ftpsvc and net start ftpsvc.
If anything still fails, please post the new log.
Tracy Le