Getting hemi 5.7 to 500hp pump gas

So what was wrong with the motor? You need to figure that out first. The tick could be a number of things. Do any of the rods have any play in them? Was there any metal in the oil pan? I wanna say there was a ticking issue with early truck 5.7's that was traced to valves/valve springs. Someone else can fill you in on that. Just don't choose either option until you know what was wrong with it.



500 flywheel or 500 rear wheel? Big difference...

500 rear wheel is close to impossible with a 5.7 hemi (no one has done it yet to my knowledge). I have seen a radical built 5.7 put down 500 flywheel N/A, though. We're talking 11.8:1 compression forged motor, GTP stage 2 eagle heads and stage 2 intake, ~23x/23x @.050 cam, etc. The motor has run high 10's in a new challenger. $$$$

The cheapest way to make power with a hemi is either forced induction or a stroker kit.

I'm getting the idea that you don't want to spend much money on the motor. If that's the case, you need to re-think your hp goal (again). Put a cam in ($300-$400), new head bolts and gaskets ($120), put it together, and enjoy what you've got. Assuming you've figured out the tick.