I say your t-5 will live a short life. 
That, you would need a custom cam for sure, 500hp at the crank would need over .600 lift, 11.5 cmprso,n and solid lifters, but hopefully someone else can share some opinion.
My friend turns over 6900-7k with a hyd roller lifter b-cam, and forged internals, i do not see the need for forged pistons unless your spraying.
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X-Texas highway patrol ssp 1990 coupe - exploder Gt-40 iron heads, Explorer intake, 19 lber's. E-cam. crane 1.7 rollers. 190fp. 75mm maf. 65mm tb, tubular subframe connectors, mac cai, Asp crank pulley, T-5, king cobra clutch, flowtech 1-5/8 unequals, mac X-pipe Frpp driveshaft, lakewood Lca's.
race weight 3,160
12.69 @ 107.35, 1.71 60' 26x8.5 drag's 3.90 gear
13.20 @ 106.91 - 235/60/15 firestones 2.3 60' 3.27 gear
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