An engine is just an air pump. Cams will increase/decrease/move around where it flows air but in the end, the OP still has a 512 inch air pump. That thing HAS to move a bunch of air at that displacement (and thus make big numbers).
So no overheating or other issues that would indicate some type of high internal friction. And tuning has been done to dial in what the engine is seeing. And assuming the cam is not fubar, meaning the lobes are ground where they're supposed to be and it's operating properly, the engine just HAS to put up bigger numbers than 400/400. Has to! I'm with
@Mean416 scratching my head on this one!
So what's left is either a cork on the front side or the back side. I'm not familiar with the EFI system on it. Is its flow rating sufficient for that size engine? Do the throttles truly get to WOT?
At the track, do you run it through the mufflers? If so, I'd drop the exhaust down at the collector, hang it by 1 bolt like I (and many others on here!) did in the 70's-80's, and make some passes to see if there's some type of cork in the exhaust. SOMEWHERE, there's a cork!! That engine just has to make big numbers!