There's a lot of ways to skin a cat and this is actually a topicthat's been gone over considerably before. Sorry I didn't repost because I've posted a few time on the matter as well as others. Your buddy's right about the 500. THE reason the 4-barrel carb was invented was due to having the venturis too large when feeding bigger and bigger engines. The more venturis and boosters you can spread the work amongst, the smaller and more efficient you can make them. The 500 is rated at a different pressure drop than a 4-barrel and only flows about 390 when flowed under the same test pressure as a 4-barrell. In comparison to a 4-barrell the 4412 needs a richer mixture tokeep from stumbling with it's large throttle bores and venturis, and subsequently will fatten up at higher RPM, I've told as many people as I can that in a DD I prefer the 390 Holley 4-barrell. It flows just as much and has a MUCH better fuel curve. The 450 and 465 budget Holleys will work well to, as will the Edelbrock/Carter 500, but the 390 double pumper will be king.
I could go on more as to why, but you've already purchased a carb, and you can find the info by searching old threads.
Felber