Not sure if you saw my build in the dyno section or not, but my stock stroke, iron MR headed 427 SO made 497hp at 6000 RPMs. Same stroke and induction set-up that you're using with the BJ/BK MR intake. That is on a basically un-modified 427 using factory iron and a flat tappet cam. To reach the 550 mark would take some doing, some good head/valve work and a stout valvetrain/roller set-up.
I have a couple of things working against me on my build. The stock unported heads already had the larger TP 2.25 valves installed, which probably doesn't help much on my build, being a street engine. The duration numbers are pretty big at 264@.050, but it helped to keep the lift down and made it easier on the valvetrain for street use. I have a solid lifter block, so a flat tappet solid cam was pretty much my only choice without resorting to extensive drilling for lifter oiling, which I wanted to stay away from. Still, my engine will idle fine at 800-900 rpm and pulls away from an idle fine, but that's in a 4spd car with 3.89 gears and a lighter Mustang body, although I do have 28" tall tires also. Some decent gearing, like 3.89 minimum, will certainly help if he plans on keeping the 3.78 stroke, as will a heavier flywheel. A heavier flywheel will not only help the idle, but will help get the car rolling easier.
There is nothing trick about my engine, and it reached your goal, so it's certainly doable with good tuning and cam selection. I do agree with Joe though, the duration figures are going to have to be fairly stout if you stick with factory iron. I don't have any problems driving mine on the street, even with in-town driving, but I don't deal with heavy city or bumper to bumper stuff either.
Here's a short clip I just uploaded so you can hear the idle.
https://youtu.be/PDiG2OSZ0bwIn the first couple minutes of this clip you can see the driving characteristics. After that it's just open road driving.
https://youtu.be/4QCcUptqPIcHopefully that might help you out some.