I have a Th350 they can be built to be just as strong as a 400 and are lighter and less powerlosses with them.
The TH400 is a great transmission to just rebuild stock and slam her in you car. She should take 500 no problem the 350 will definitely need work.
I would highly consider a 700R though because of the overdrive. I am using the TH350 and planning to get a gearvendors overdrive unit but I will have a little over 4 grand in my transmission with tc and the overdrive unit. The 700R is pretty much the same thing as the 400 just with an ovderdrive unit. It should be able to take 500hp but you might want to build it just for safety. Jay Leno believe it or not has a 700r which is the samething as the 4L60 in his tornoado with 1000hp and its a stock unit from GM I know I had a hard time believing it but the engineers assured me.
If you are going with the 700R i would not worry about anything you can get a valve body to keep you from going into low line pressures. If I was going to do a 700r I would go for the 4L60E and get an aftermarket controller. The computer assures that you are not getting into low line pressures that will burn up the clutches and gives you complete control of shiftpoints. The unit is a stand alone controller. Alot of places have them.
HaHa Irony the bottom ad right above the quick reply box was for this.
4L80E Transmissions
Computer Controlled Performance Extreme Horsepower This Will Do It
www.BowtieOverdrives.com