You will be light years ahead with the 502 mag motor than the 496. The 496 has cast internal parts and the 502 has forged internal parts.

454 or 502 Mag would be your best choice. The engine is already set up with forged internals if you decide you want to add some more power adders (Supercharger) to it.

I ve seen 496 s in fort myers with over 3000 hrs on them and not a thing wrong
With them.

On a related note, does anyone know if the internals on the 7.4MPI are forged, too?

No, they are not. The 2 common motors with forged internals are the 454 MAG and the 502 MAG.