I just ordered an Edelbrock 1480 calibration kit and will give it a go...seems fairly easy to do plus I can have it tomorrow morning at 8am.

That carb is too small for a 502. I have ran an engine lean before and it was expensive. Broke the ring landings on several Pistons. If you have a backfire at those RPMs you have a serious problem. That's why you need A/F readings or your going to ruin another engine.

then make sure it is too rich.

running rich will cause high EGTs just as bad as running to lean.

Edelbrock says it's big enough for 502/461hp...I'm going to see what what's in it and try some adjustments.

Ok, after further review...the BOSS says we should buy the correct cfm carb to be safe �� If that's what it takes. So there was mention of the Holley or quick fuel 800 or 850 DP's. Any other recommendations? Is it the easy way to correct or would it still need to be dialed in?

As long as the "BOSS" is making decisions on this, hope she is doing the wrenching or make the coin to pay for it!

Will still need to be dialed in, but prob easier and quicker than the Edelbrock, depending on your knowledge and skills of either type carb.

...on an Edelbrock RPM Air Gap. And I'd like to keep the brand new K&N arrestor that fit the Edelbrock.

I forgot what exhaust you are using, but I couldn't recommend a wideband monitor enough. Even after you get things tuned in you can keep an eye on it should something go amiss. I have a QF850 and pretty happy with it, but for not much more you can get the Holley Sniper FI. Have you considered that route?