500 on spray is about the max that can be pulled out of the stock 12mm head, as long as "spray" means methanol or propane. They max out at around 450 HP of Diesel, and the number of guys in the country that have gotten above 400 HP can be counted on fingers and tows.
I personally think that a 12mm pump head, low compression pistons, retarded timing and good flowing heads should be good for well over 600 with large amounts of alcohol; I don't think anybody's ever seen above 500 on drugs, but nobody has ever set things up for that.
If you go to an aftermarket 14mm head you're able to get over 600HP on #2 only, but that's definitely not stock.
Keeping the stock turbo at 500 HP is masochistical. Enough nitrous and water and maybe you could do it. But you're talking about a lot of nitrous and water, and as much head and flow work as you can get. I don't think anybody's ever gotten above 350 with a stock turbo. Assuming you're running a fumigated fuel, the stock turbo will definitely be a limiting point.
Keeping with the rat theme is welding a $400 HT3B on with the stock turbo. That'd provide more than enough air.
If "spray" means only nitrous and water, it's not going to happen without totally reworking the engine.