To make 500hp from a 5.3 and no forced induction.... won't really be possible and have it not be an all out race motor.
You would be better off buying a 6.0/6.2 or even an LS7 pullout (lots of LS7's for sale on corvetteforum.com).
I personally know the guy selling these parts.... he built my LS9 turbo motor and my LS7:
http://ls1tech.com/forums/parts-clas...ower-more.html
2014 6.0 L96 shortblock, polished cryo'ed stock crank, stock rods, stock Pistons with steel rings set for boost or nitrous. Ready to run. $1,800 local SoCal pick preferred
Aluminum LS2 block fresh long-block, bored to 4.025", new cam bearings, Forged flat top Pistons, stock rods and cryo treated polished crank, has fresh 823 ls3 style heads, 222/231 .56x lift cam, all fresh valve covers to gen 5 camaro oil pan $4,000
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Project: 1969 Chevelle, alum 5.3, GTS76 turbo, Chiseled Perf A/W intercooler, Holley Dominator EFI, Davis TC, JRi coilovers, 14" brakes, T56 Magnum. CTS-V Recaro seats!
Coffey Fabrication Nashville, TN doing the fabwork! 800rwhp+/25mpg+/9's@150mph goal
https://lateral-g.net/forums/showthread.php4?t=52976
1993 Mazda FD RX-7, built LS7, T56 Magnum, Holley HP, Davis Tech TC, 8.8" 3.73 Cobra IRS diff, DSS axles, Ohlins coilovers, big brakes.
CCW 18x11 front 315/30/18's and 18x12.5 rear on 335/30/18 RA1's,
2850lbs
10.31@137mph 165mph Shift-Sector 1/2 mile speed
441ci AllPro headed motor and 200lb weigh reduction in the works....