From what I can find the Crane part number for the Merc 500 EFI engine camshaft is 169621. Crane also sells a 168731 cam which has very similar specs and many refer to this as a 500 EFI replacement cam. I cannot see a lobe separation angle listed for either. The question is, is there an advantage of one of these over the other? My application would be an upgrade to 502 MPI engines.
Thanks.

Yes, use the 500EFI cam.
It has a 114°LSA and with EFI the engine will idle better.