No. It will shit out once you are over 400hp at the wheels. It may last a while but it will die. If I did it all over again I would build my trans first.
If I had a $2K max budget my list would look much different than yours...
The TTS converter that sledhead has for sale here $500
Allison overhaul kit/trans go $500
chop up stock exhaust $0.00
chop up stock air box $0.00
lift pump $500
single EFI tune from reputable tuner $200
gauges $200
egr delete/block, pvc reroute, pump rub plate, race valve $100
There ya go...$2K and a whole lot more power and fun than the previous list.
Your trans will do fine with a 500 HP tune until you try to use all 500 of those horses at the same time.