If you're looking for a 500 HP 7.3L and not wanting to spend thousands of dollars, then I will warn you that you are going to be disappointed.
Yes, it is easy to make a very fun, driveable 7.3L but it is impossible to make more than 400 HP without thousands of dollars.
Your best bet and PROVEN bang-for-the-buck option would be "big oil" (aftermarket high pressure oil system), GTP38R ball bearing turbocharger, good custom tuning, and a decent intake/exhaust system. This will get you in the 300-350 RWHP range pretty easily and reliably. The next step is injectors, but before you go that far, consider upgrading your short block to include forged connecting rods.
Big Oil: $600 to $2500 depending on product (Adrenaline to Stealth or Terminator)
Turbocharger: $1800
Good Tuning: $300 to $400 depending on vendor and number of tunes.
It's not necessary to have an upgraded high pressure oil system, but between having it and not will be a decent upgrade.....especially if you're on a stock HPOP now at 345K.
Good luck.
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Tuning, PCM flashing, and burning chips for 7.3s since 2008. Repairing all aspects of 7.3L Powerstrokes for 25 years.
Eight 7.3L PSDs in the driveway including a 1994 Crown Vic and 1973 F100/2002 F350. Looking for the next victim.
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