I have experience with Edelbrock carbs and Offy intakes, just not together. I have a 1405 (650) on my daily driver 302 Ford and am really happy with it. I have an Offy intake on my 63 Chevy with a 250 (3 2 barrel carbs) and has great throttle response and power in the rpm range you'd normally run on the street. (1200 to 3000 rpm)
Double check to make sure the Edelbrock will bolt to the Offy intake, if I remember correctly, I think there may be an interference issue there somewhere. There may be an adapter available if it doesn't.
I think the 500 would do well on a 292. My suggestion is, if you're not going to use the stock exhaust manifold, be sure to run some type of heat source to warm the intake, especially during the cold months. I have engine coolant plumbed to warm mine but I still have to wait until the engine has reached operating temp before driving in cold weather. If it were an automatic trans it may not be as bad.