Yep. I did the same thing. Dad gave me his old 1973 chevy pickup and I dropped in an LT1 vet motor in that old shoe box and had them fooled for awhile. Then I put that motor in a 68 chevel coop and was fine in the city. Landed in jail several times driving through several little old redneck hick towns where I stood out to much. My brother has a GT350 but never gets hassled. It will scoot pretty good.
But a gt500 with 760 hp with all the latest technology has got to be supper fast. I know from driving my brothers gt350 it will hit triple digits in seconds. So the gt 500 must be a monster.