Is this a good engine for the price

Is there a dyno sheet? You'll wanna see a dyno sheet.

Here's the thing with circle track motors. Some others have touched on this but I'll try and go into more detail.

They are built to run at a SPECIFIC rpm for hours on end. They make max power at one very small area in the RPM band. The car is geared to keep it on that RPM around the track. And then you go race it. Yes they make tones of power. All of it WAY up in the power band.

Now. That's not necessarily a problem. A R5P7 setup making 850 hp at 8500 rpm is still making ok power at "streetable" (4k RPM and under) levels. BUT that's the 850 setup. There's a lot that goes into that. Compression. Cam. Etc. NOW you bump the compression down and take it down to 500 horse. It WILL lose that bottom end. I'm talking worse than a stock 318. IF there hasn't been changes to make it more "streetable". To make it simple 850 horse at 8500 RPM still has good power below 4k. 500 horse at 8500 rpm does not.

And to show you what kind of power you can expect? Here's some dyno sheets from a 743 horse R5P7 setup.
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LOTS of power! But way up there. What about down low?

050__43804.1475689190.1280.1280.jpg

Not bad. Good torque. But definitely will lose out to a "street" built setup.

Now imagine what the second dyno pic would read like if it only made 500 horse at 8500 rpm.

Now that's not to say they haven't made appropriate changes to move the power. But I would still wanna see a graph myself. Especially since he mentions 7500 rpm. And how it makes 500 horse on 9.5 compression. To me the only way you're gunna get that is by revving the engine.

That said. Personally I wouldn't have a problem taking a small block to 8k+ RPM on the street. I've taken my 340 to 7k before. But that's just me. Not a lot of guys really wanna rev the absolutely **** out of their engines. And there's all kinds of other problems that come with it besides the engine stress. Crazy rear gears. Crazy high stall. ETC ETC. Just not very "streetable" in many peoples opinion.