I think they are being very optimistic with their HP estimate. That is a fairly mild camshaft, only 224 degrees @ .050 lift. Not roller either. Stock heads... presumably stock exhaust manifolds... basically a near-stock engine, aside from the cam and the extra 33 cubes.
HP is linked with RPM, and a camshaft that stops breathing in the low 5000s is not going to make a big HP number. Should be good at torque production though, but my estimate of HP in that engine would be in the 330-350 range.
Even if the number he is quoting is flywheel hp with no accessory drive, it's still very inflated, IMO. You are right on to expect good low-end driveability with that combo.
81 F150 Flareside, Edelbrock Pro Flow4 FI, hydraulic roller 351W, E4OD, 4x4, BW1356
92 F150 RCLB 351W E40D BW1356 mostly stock