I have some questions for you...
What are you more concerned about, 1/4 mile time OR hp? If hp, is that on pump gas or race fuel? This is a very important question because your 1/4 mile goals are much easier and cheaper to attain than 500 rwhp, especially on pump gas.
You could realistically make those 1/4 mile times with closer to 400rwhp. To do that though you would want to focus on traction and weight reduction. Don't believe me? Check out this SZ blog...
http://specialtyz.com/blog/?p=56
447rwhp and ran an 11.4. That is on stock turbos with fewer upgrades than listed above.
Doing the upgrades listed above, minus major engine modification, here is a Z with stock turbos...
http://specialtyz.com/blog/?p=441
91 octane, 14 psi for 419 whp
100 octane, 20 psi for 463 whp
Q16, 21 psi peak for 499 whp
More stock turbo fun...
http://specialtyz.com/blog/?p=948
FOR RELABILITY, some slightly larger turbos would be better, so you aren't straining the piss out of the little buggers.
But if you goal is 1/4 time, I think that is easy enough to reach with stock turbos. Get some quality parts, such as SZ, ASHSpec, or parts from Import Part Pro. I think 2.5" all the way in and 3" will get the job done.