Banks has pros and cons, it's not all bad, but it's not all that great either. And to quickly answer your question, yes you would need at a minimum a trans go Jr kit to hold that power, a built trans should be at the top of your list if your planning on running bigger power, now 500/900 isn't huge power, but it's alot for stock parts. Although the newer trucks like the lml have stronger transmissions, they still were not designed to run more power than what they leave the factory with.
Read the fine print on the banks stuff, yes, 500+whp and 900+ ftlbtq is possible, however, it's not attainable until you buy everything. To get the max power banks claims, you need the tuning software, the IQ monitor, the triple disc converter, the intercooler, hot and cold IC tubes the intake exhaust etc etc. besides the banks stuff has too many "nannies" in it's software, EFI LIVE is the way to go for sure, you just have to use prudence when you use it, make sure to buy tuning your parts can handle and work up from there.
The only cool thing about banks, is the fact that its all made by the same place all the parts are meant to compliment each other, it's really safe, and you can buy the stuff in "power packages" it's really simple stuff to use as banks has taken every bit of guesswork out of the equation for the user, however, that also limits the ability to customize, or tailor the truck to drive the way you want. Also banks has no provisions in its software for turbo upgrades, injector upgrades, cp3 upgrades, so on and so forth (it's been over two years since I talked to anyone at banks, maybe that's changed now?)
So what is your end goals for your rig?