I break the cam in and change the oil (cut the filter apart and see whats in it) Heat cycle it 4 or 5 times and go racing.
Some people spinkle holy water on it after changing the oil 5 times and 1500 miles I say if its going to scatter its going to scatter..
For a race car it's ready. For a street car I wait till 1000 miles or more.. I just want to make sure the rings are seated very well b4 running it. I have a had every one of my motors smoke if I broke it in hard and none smoke if I was patient and waited. 500 you may be just fiine tho..