Will a hp 500 intake go on my gen v 454?

If rectangular port heads on the motor, yes.

Stock peanut ports but I will be upgrading them also so just go with rectangle port heads?

It will bolt to peanut port heads, just wont match the ports or be a good combination. I know of someone that did it, no improvement over the engine stock.

Pick intake for what heads you will use.

Don't pick heads over what intake you are going to use. :wink:

It would work fine, if you are just wanting a manifold. Merc used the MPI Mag intake on the old (and kind of rare) 330 HP MPI, port mismatch and all. I don't think port matching IS AS critical on a dry flow manifold. While your motor will run forever stock, they don't have a good reputation when you start getting more power out of them...not that I think the HP manifold would add much.

Ford 460 marine apps used the mongo port super cobra jet intake on basically the base model truck low comp long block with small port heads and a puny holley 650 carb. Shouldnt of worked well but did . aftermarket aluminum intakes on those showed little to no gain . Your set up will look cool , but wont gain anything without the dome pistons and bigger heads and cam that go with it