That cam does not guaRantee 500 hp. More like 450 with a good intake like victor jr or victor. Heads may also be an issue if you want to make 500 exactly. look like more around 400-450 with less than 210cc heads. (brodix, dart) 210 or larger would be better for max effort racing but i would go cheap for now and plan to rering in two years with a few upgrades.
You will have lot of fun just getting to the track every week with clean runs fast or slow. Best not to blow the budget before you hit the track.