Wit the post above about the 351 and 500hp 393 i will tell you the few extra cubes isnt fully the reason for 500hp. Its the heads. I believe ford actually used the same E7 heads on the 302 and the 351.
By the mid 70s and up until the Lightning, they pretty much used junk heads on the 351s. However, the '69-70 Windsor heads were pretty decent, and the later GT40/GT40P iron heads were actually modeled after them. Granted they're no 500hp head...just worlds better than E7's.