Yes, the kit is worth it. But you need to remember, pistons and rods and displacement are only part of the equasion to getting 500hp. You need to worry about getting the right ammount of air and fuel into the combustion chamber as well. A good set of heads, and the right cam make all the difference in the world. Just slapping parts together because they're cheap is not the right way to achieve your goal of 500hp.
And in all honesty, unless you're using a power adder with your 331, you'll be hard pressed to get more than 400hp out of that motor. A friend of mine is running a totally built N/A 408, and barely cracks the 440 mark. Before you buy any parts, I suggest you try and find some back issues of 5.0 and MM&FF magazines. There's a wealth of information in there.
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