I personally wouldn't mess with heads. For the budget conscious, start with a Gen IV truck 6.0 (LY6 or L96) with VVT. This motor will have the badass L92/LS3 rectangle port heads which will laugh at 500hp. They will have an 823 casting number. You won't even have to massage them. Then call up Texas Speed or Mast Motorsports, the top two in the game when it comes to VVT cams and get the cam of your choice. The VVT can be deleted easily if that is your preference but I like it. Be sure and upgrade valve springs to match your cam while you're at it. After a tune you'll be around 500-510hp. If you want more bump the compression but then we can start talking pistons, decking the heads, etc. But, that's basically the quickest, easiest, and cheapest way to a true 500hp motor.
edit: You asked for $$$ figures. $5k or less easily (including cost of the motor), depending on what you buy the motor for and how resourceful you are you could cut that down by a grand or so. Don't forget to budget for all the parts your new motor will break when you have 500 real horsepower and not 500 internet horsepower