Since yours is a "street" car, I'd say a realistic number to shoot for is 10-12% "observed" loss.
In other words, see what the calculators show for 440-450hp(for your 500 std corrected hp).
That's kind of how I look at RWHP, not as an actual number but more of a reflection of whatever driveline % loss you choose to use. So maybe I wasn't operating under a total misconception.
As my rule of thumb, I use 15%. So 85% of 500 is 425. Using that number, Wallace says I will go 11.42 @ 118.38 which is closer to what Billy was saying.
Case in point, 778 is 84.5% of 920. Go figure.
I believe the car should be a little better than 11.40s which is why I said 11.00 at first. Could it go 10.80? Maybe but again, I won't hold my breath.
Again, my buddy went 10.60s (not sure what mph) with a milder combo and a little less weight. (His car is pretty much gutted). He even had a throttle stop for some reason.