The max power for a 4.8L is 295hp/305 lbf·ft. You won't gain anywhere near 100 hp without changing the cam along with the heads and valvetrain. You also won't be seeing anywhere near 500 rear wheel horsepower without a cam change. Of the 295 the top 4.8L made, you are going to loose about 80hp to the drivetrain, so the 295 at the crank will be about 200 to the tire.
You are going to need cam/valvetrain upgrade along with head work to get close to the 500hp and it will be at the crank with no accessories not fully loaded like the engines are factory rated.
To give you an idea, we havea 2000 Silverado with a stock 5.3L, put on a cold air and tuned it and it went from 230hp at the tire to 245hp at the tire. This was our baseline before we fabbed up the STS turbo kit
(I am a dealer) to fit it (SWB vs Extended) After the turbo and 8lbs of boost it made 405hp. It peaked at 525hp/653 on 14lbs before it popped the ring land. All of this was on a stock block.