The 500 cfm Holley suffers from being set up to replace a 352 to 390 cubic inch V8-s 2-bbl Autolite, Carter or Rochesters found in Fords, AMCs, Chrysler and GM V8 replacements from the Holley catalouges. Holley make sure it is set up rich to avoid lean out conditions in applications from 160 to up to 220 hp net.
To suit our i 6's, it has to run much leaner under wide open throttle, but not a whole heap leaner generally. The power valve channel restrictions of two 62 thou holes is way too much for a 150 hp engine, and could be knocked down to as little as 16 thou each with a 2.0 power valve. This what was used on 2.0 and 2.3 liter Pinto engines when amped up from the stock 230 to 280 cfm carb to a 4412 500cfm.
For our sixes, some where between the stock 8.5 power valve and 62 thou holes, and 2.0 power valve and 16 thou holes will be i6 nirvana. jet sizes stock were quite big at 71 to 73. On a little 150 hp engine, it was down to 65 call size.
So a 65- 73 jet will do, and power valves should be 2.0 to 8.5, with PVCR down to 16 but ideal size is probably equal to 62 thou minus 10 thou to get in ball park.