I got over 640 hours on my 502 with a whipple. As long as the engine has upgraded head gaskets and the owner has taken care of the motor (oil change, etc), I don't see why you can't get more than I received. My motor finally blew a head gasket since the original owner never upgraded from stock (common problem). We tore apart the motor and all parts, bearings, rods, crank, rings looked great. I decided to go to a 540 and upgrade everything for more HP but I had the options of just replacing the head gaskets if I wanted too.
You can run a leak down test on the motor if needed. Don't bother running a compression test that just tells you that a piston is in the cylinder. A leak down test will give you more info....