Actually, running a #10 AN line from tank to engine is pretty standard practice, and not illegal at any tracks that I know of. I actually run these lines on my Mach 1, my Shelby clone, and my Galaxie. I like hard lines too, though, because you can use fewer clamps and the line just seems to stay in place better.
I have used the Swagelock products and they are excellent, but expensive.
Wade, if your pump has 1/4" pipe inlet fittings the ID of those holes is going to be too small for a 500 HP engine, IMO. Somebody here posted an upgrade to larger fittings in a mechanical fuel pump a while ago, where he took the 1/4" pipe threads and bored them out to a larger size to eliminate that as a restriction. I'd recommend doing the same thing to your pump. However, if you are not going to do that, then I agree that going to a larger line than 3/8" wouldn't buy you anything. At the same time, you have to realize that restrictions in a fuel line system are the sum of their components. A 1/2" line is going to have less restriction than a 3/8" line, and the longer the line, the bigger that effect. So there would definitely be a benefit to running the 1/2" lines, although again I think that the restriction of the ID of the 1/4" pipe fittings in the pump would dominate any other restrictions in the fuel system.