If you think your engine may produce more tha 150 hp, get the 500 cfm carb.
Basically, the 350 is a brilliant economy carb, with enough performance on our sixes to get past the 125 hp level. On little 2.0 and 2.3 Pinto/Capri/Mustang fours, a 350 cfm carb starts to restrict power at the 125 hp level. Past 130, a 500 cfm carbs works much better, with similar low speed charactersitics, but lots more power about 3500 rpm.
On our sixes, the 3.3 and 4.1 engins produce lots of vacuum, and can reliably run up to the 150 hp level. Check out Jimbo 65 and Marley and wsa111. These guys find there 350 cfm carbs are able for good economy, and great drivabilty, and have give no power restriction.
For the speed crazed amoung us, like Mr Mustang Geezer, he's was well over the 150 hp mark three years ago. Now his possibly into the 200 club with his 11.2:1 and 500 cfm carb.
Past 150 hp, go for a 500 cfm. There is always a small loss in economy with a 500 cfm carb, because vaccum is always reached with the carb with 40% more jet area, and the fuel doesn't atomise as well at low speeds as the 350 does. It can be set-up with low pressure power valves in the 2.0 , 2.5, and 6.5 range and adding smaller 17 thou power valve channel restrictions. Pump squirters can be fattened up, becasue the six cylinder engines intake puts lots of fuel on the walls of the log, and its better to go up than jet it up.
Oh, and if its a turbo, you can run a 350 cfm carb and still get about 300 hp. That's where Does 10's sits with his 250 six doing low 12 second quarters.