Are you going to just work in the field or pull it. It will be fine just working like normal and it will be fine for a while if you pull.
 
You will have to update the clutch eventually, but my brother made a ntpa puller using a 730 driveline and must have well over 1000 hp.
 
the rear will take quite a bit but the 504 has a tendency to pull the (i believe) left rear stud out of the block and take a piece of the block with it at high hp levels, depending on your plans you can use longer studs and thread them into the bottom of the water jacket and the deck
 
If you would like to put a double disc clutch in while your putting it together I have one that would work perfect in a farm stock. I used to pull an 1175 with the same set up and I had to put the clutch in to hold 3rd gear.
 

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