Street performance and Carb.

Whew! That's a tuffy. The 500, is that an AFB or AVS model Edelbrock?
IF it is a AFB model, I would not use it.
IF it were an AVS model, I would try it and compare it to the OE carb.
Otherwise......

The 4294 is listed to be a 400 cfm carb. That would work very well even though it lacks a secondary velocity valve. If the carb is in good shape, would certainly run it.