Engine build up

Ok guys I have finally done about all Im going to do to my '03. Now its time to get serious with the 5.0 . I am looking to build a 5.0 to handle a s/c and hopefully 500-550rwhp. My question is this... can a 5.0 produce this much and still be pretty street friendly, or do I need to step up to a 5.8 or a stroker kit? Ill be going with a C4 tranny and 3.73's in a built 8.8 rear end as well. It will see a good bit of track time, but I also want to be able to hit the streets on nice days with it and help take a little wear and tear off of my '03 as Im still paying on it for a few more years. Most of my 5.0 knowledge has been tossed out the window since Ive had this 4.6 for the last 2 years, so I have to learn most of this all over again. Again I would like to keep it at 500+ hp but am willing to go down a little to increase streetability. Any input on this will be greatly appreciated guys!!!