Find out the cam specs on your buddy's 502 and work from there. What transmission is he using and what does the car weigh? Parts are parts regardless of what brand the car is. If he has a combo that is working then figure out what the parts are and copy them.

What you're talking about can be built but it typically costs a bunch to do the R&D. If you can start with a known good combo and copy it then that saves you a lot of R&D time.