* Cylinder head flow: The ability of the cylinder heads to move air and fuel into the cylinders is critical. Different heads (stock, aftermarket, modifications) dramatically affect power.
* Intake manifold: The intake manifold's design affects how efficiently fuel/air mixture enters the engine.
* Exhaust system: A restrictive exhaust system will rob horsepower.
* Compression ratio: Higher compression ratios generally produce more power, but require higher-octane fuel.
* Carburetor/Fuel injection: The type and tuning of the fuel delivery system is crucial.
* Ignition timing: Precise ignition timing is vital for optimal combustion.
* Internal engine condition: Worn parts will reduce power output.
A .494" lift cam is considered a relatively aggressive camshaft for a 360, suggesting a build focused on power. With good supporting components, a well-built 360 with that cam could easily produce 350-450 horsepower, or even more with extensive modifications. However, a poorly built engine with that cam might only produce slightly more than a stock engine.
To get a more precise estimate, you would need to provide details about all the other engine components and the overall build specifications.
