Can you build a 500hp engine? Sure! Can you manage a 500hp engine on the streets? Maybe with enough $ thrown at the chassis and drivetrain. Would it be a blast to drive? You bet! Would it get you in trouble? Very likely! Would it do ok in parades? Absolutely not! Could you take it cross the desert during the summer months? No way. Can you pass more than 1 gas station at a time? Maybe!
Tell us your vision for this build. Show truck? Daily driver? Cruise-ins? Power Tour? With a clear understanding of what you want the final outcome to be we can help you formulate a plan to get there. As it stands now you haven't provided us with enough info to do anything other than tell you "yes you can build 500hp for under $10,000 using power adders" but then what?
