350 10:1, 180cc runners 226* 470" lift you are flirting with 375-400hp and 375-400tq not 500
for a 500hp 350 you are going to need alot more work
bigger heads and a cam with .520-.600" lift at the vlv and spin the snot out of it ie 6500-7500rpm if not higher
you are looking at ~1.4hp:ci power ratio basicly boarderline streetable
383/400would be alot easier wiht a 1.2-1.3 hp:ci ratio
another idea would be put a 100-150hp shot of N20 on it for the straight aways