+1 for what DHearne said. Don't learn to wrench on an $8k motor. Grow with your skill level. Learn to beat on the car, then learn to fix what you break. And you WILL break stuff.
I would like to sugest spending some time on sbf tech dot com. Get your post count up to 10 to unlock all forums. You can learn quite a bit over there. Good luck with your project.
On my 410-hp, almost-that-much-tq 331, they specified a Holley 4150 HP 750CFM carb. Not what you'd want in a daily driver - mech. secondaries, no choke - but the consensus over on Vintage-Mustang.com was that this was a great carb for my setup. Almost everybody said Holley HP.
68 coupe - Cool. I'm not trying to pick on you. We all start out knowing squwat. What I did want to say though is
1)the the entire car must be built for that kind of hp or you will waste time and money at best or hurt someone at worst. It's amazing how quickly you will crack the body by the rear windows when you start leaning on these cars. The chassis needs stiffening and of course you need good brakes. What good is 500 hp if your headlights are intermitnent or there are any other bugs?
2) A lot of what you are asking is as subjective as asking what you should have for dinner. Many people like edlebrock carbs (just not for high hp). Typically speaking, what works for traction in the 1/4 mile, hurts traction in the corners. Everything in between is a compromise. For a street car, you will have to decide what you want/like. Everyone has a different idea for what is streetable.
Im taking my time with it and trying to learn all I can. Thats how I did with my first truck. At the time I developed engine problems all I could do was check the fluids. I installed another engine myself with no help. I regularly drive the truck, no problems.
A lot of it is simple thinking, If you take a car build and designed for a 210hp engine, and you install a 500hp engine, you have a disaster. You have the stopping power, suspension, etc for much les power. This could be disastrous. Realizing that I am currently looking into suspension, thats where im starting. I think I will stay with leaf springs but Im looking at suspension kits built for street cars turning 11sec 1/4s. Currie 9in rear end with 3.70 gears and detroit locker differential. 9in heavy duty drum brakes in rear with 11in drilled rotors in front. That should handle and stop the beast.
Back in the mid 80's when I had my 427 Stang (big block, not a stroker small block) I completely rebuilt the front suspension with all new parts and 428CJ Vert springs up front. Also went with 71-72 Stang front discs front, Versailles rear discs. This car was completely comfortable cruising at 100 mph, no problem hauling it down to a stop from 140. Handled 45 mph curves on the highway at 75-80, shod with 235/60/15 Hercules HP4000's all the way around. This should give you an idea of what the stock suspension will do, in new condition. Never touched the rear springs. The only mod to the chassis was installing a set of welded in frame connnectors.