small block chevy question

Hey guys im new to the forum and have a quick question. I just picked up a 350, 14010207 on back of block and V1017UHY on front of block pad. Would this motor be a good one to build for the 450-500 H.P. range? It has 4 bolt mains and seems to be a virgin block. I was told that this motor would not handle the 500 H.P. range, but im not sure why. Any info and help on this would be great.

It will handle 400 ok the extra 100 would cost you more than what you would probably want to spend.

block letters tell that it is an 1981 truck manual trans, four barrel carb, C20 or C30 built for California emissions. Engine was a LT9 155 hp model.

mike in tucson