I think the TKO 500 is a easy swap. Same clutch and yoke. The 600 has a different 1 st gear (2.87 vs the 500 with a 3.27) and uses a different clutch and yoke. The 3550 is strong enough for a 500 or 600 hp Cobra motor because the rear tire breaks loose first.
Don't buy a new trannie because it stronger. You will just waste your money. Now if you have 600 - 700 hp and drag race, well thats different.
I had a T-5, sold and bought a TKO, sold and bought a TKO 600 to get the 2.87 1st gear to go with my 25" rear tires. LOOOOOTS of $$$$$$$$$ But I'm Happy now!
Dwight