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So many here seem to under estimate the output of the 360 and I don't know why. My own experience and that of others around here find that it really don't take much to really wake them up even with stock type pistons. The last one I built was .030 over with 485/495 cam with 271/284 advertised duration, 750 Holley and 4.30 gear and 29.5 slick and it would run low 12's all day in the Duster. Many of us have built many of these engines and found like I said it don't take much even with stock pistons. Lotsa low buck builds around that would surprise a lot of you. Both big and small block.

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but I also think a 509 is way too big with that low of compression. headers, an LD340/RPM/air gap intake,
a 750-800cfm carb, a good valve job, and something like a comp XE268 will be an honest 340-350ish HP. with the low compression, it'll be soft on the bottom end, and will probably want a 3000 RPM stall converter to really wake up.