Yes it can be and in my opinion MORE street-able than a 500hp itty-bitty motor (read small block)
As the displacement increases, the compression, cam and tuning requirements soften, making the motor easier to live with. It’s really about how you get to 500hp, not just the number.
It would be an interesting exercise to see what it would take to make 500hp in each of the common Cobra motor formats.
289/302
351
FE
385 SERIES
Compare cost, weight, torque and hp. Then install them in the same car and measure acceleration, handling, braking, street-ability and fuel requirements and efficiency.
I’ll be on the 385 series team!
D-cel