Yes Stafford, lots of guys are running the stroker combination with a 454 crank. Easily will make the 500 HP number your looking for, but you will lose the inhereted "INSTANTANEOUS RPM" of the 409
.... But, you can have your cake and eat it
427 crank. Builds 446-452 CID. Peg your compression at about 10.7:1 with light weight forged pistons, aftermarket BBC con rods, full floating pins. Remove excess weight from the crankshaft as practical, and balance the assembly.
Prepare the heads as stated by the other guys. With a cam at 250-260 dur @ .050 and about .600-.620 lift on a 110 CL, using roller rockers and valve spring seat pressure at approx 140.
With your M/T manifold, a pair of 600 DP Holleys, and 2" tube headers into 3 1/2" collectors.... I could see 550 HP without a problem