While the 500cfm was perfectly sized for the 5 liter up to 5000 rpm, it is a bit small for the 5.7.
I would be skeptical about 370hp, the VP 5,7 carbed(2bbl) was 260hp. With the 4bbl it rises to about 280 - 290. What is your new engines WOT rpm range?
If you are using the 5 liter intake manifold, great. It is a very good 4 bbl manifold.
If you are going the 4bbl route, here is my choice
https://www.holley.com/products/mari.../parts/0-80552 Spreadbore 650
With just a bit of tinkering, the linkage attachments on your 2bbl will swap over to this carb. 650 is plenty more airflow than a 5.7 will need below 7000
5.0GL-A/B & 5.7GL-A/B Models
Volvo Penta #3858334 500 CFM Model 2300-2V
Pump Lever Clearance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.010-0.015 in. (0,254-0,381 mm)
Choke Unloader. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.300 in. (7,62 mm) Measured Lower Edge of Plate
Choke Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notches Lean
Initial Idle Mixture Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/4 to 1 Turn Off Seat
Main Jet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Power Valve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5
Float Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Parallel to Fuel Bowl When Bowl Inverted
Choke Vacuum Qualification . . . . . . . . . . . . . . . . . . . .0.315 in. (8,00 mm) Measured At Lower Edge of Plate
Pump Cam Position (yellow cam) . . . . . . . . . . . . . . . No. 1 Hole of Cam and Throttle Arm5.0GL-D/E Models
5.0GL-C Models
Volvo Penta #3863242 500 CFM Model 2300-2V
Pump Lever Clearance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.010-0.015 in. (0,254-0,381 mm)
Choke Unloader. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.300 in. (7,62 mm) Measured Lower Edge of Plate
Choke Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notches Lean
Initial Idle Mixture Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/4 to 1 Turn Off Seat
Main Jet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Power Valve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5
Float Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Parallel to Fuel Bowl When Bowl Inverted
Choke Vacuum Qualification . . . . . . . . . . . . . . . . . . . .0.315 in. (8,00 mm) Measured At Lower Edge of Plate
Pump Cam Position (yellow cam) . . . . . . . . . . . . . . . No. 1 Hole of Cam and Throttle Arm5.0GL-D/E Models
1. Idle mixture setting is non-adjustable for engines operated
in California.
Fuel Systems
122 VPA 7743454 English 09-2004
5.7GL-C Models
Volvo Penta #3863244 500 CFM Model 2300-2V
Pump Lever Clearance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.010-0.015 in. (0,254-0,381 mm)
Choke Unloader . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.300 in. (7,62 mm) Measured Lower Edge of Plate
Choke Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notches Lean
Initial Idle Mixture Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/4 to 1 Turn Off Seat
Main Jet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Power Valve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5
Float Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Parallel to Fuel Bowl When Bowl Inverted
Choke Vacuum Qualification . . . . . . . . . . . . . . . . . . . 0.315 in. (8,00 mm) Measured At Lower Edge of Plate
Pump Cam Position (yellow cam) . . . . . . . . . . . . . . . No. 1 Hole of Cam and Throttle Arm5.0GL-D/E Models
5.0GL-D/E Models
Volvo Penta #3863242 500 CFM Model 2300-2V
Pump Lever Clearance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.010-0.015 in. (0,254-0,381 mm)
Choke Unloader . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.300 in. (7,62 mm) Measured Lower Edge of Plate
Choke Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notches Lean
Initial Idle Mixture Setting1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/4 Turn Off Seat
Main Jet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.2
Power Valve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.5
Float Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Parallel to Fuel Bowl When Bowl Inverted
Choke Vacuum Qualification . . . . . . . . . . . . . . . . . . . 0.315 in. (8,00 mm) Measured At Lower Edge of Plate
Pump Cam Position (yellow cam) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No. 1 Hole of Cam and Throttle Arm
5.7GL-D/E Models
Volvo Penta #3863244 500 CFM Model 2300-2V
Pump Lever Clearance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.010-0.015 in. (0,254-0,381 mm)
Choke Unloader . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0.300 in. (7,62 mm) Measured Lower Edge of Plate
Choke Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Notches Lean
Initial Idle Mixture Setting1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/4 Turn Off Seat
Main Jet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.2
Power Valve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.5
Float Setting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Parallel to Fuel Bowl When Bowl Inverted
Choke Vacuum Qualification . . . . . . . . . . . . . . . . . . . 0.315 in. (8,00 mm) Measured At Lower Edge of Plate
Pump Cam Position (yellow cam) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No. 1 Hole of Cam and Throttle Arm
1. Idle mixture setting is non-adjustable for engines operated
in California.