startting from a stock running 240 h. p. sbc, with just 500 dollars you can put together a 500 dollar combo, a sbc is still the cheapest dollar to h. p. engine on the planet... every racer knows that...
HP/dollar the Cummins is better than anything I can think of. You can't get a set of decent heads - even for an SBC for $500 - let alone gaskets to put it together, different intake, pistons, etc. Maybe if you happen to be a good head guy with a flow bench, cheap intake, used carb, some tubing and a welder... unless of course, you are talking about the famous "estimated hp" like in reader's rides

Ever hear of a 350 that WASN'T a "corvette motor", or a Ford V8 that wasn't a Mustang or Police interceptor?
The first 200 hp increase (on a dyno) on my Cummins was less than $900...
I had a D-max guy talk trash to me the other day 'cause his truck had "650 hp".
Q: "What kind of dyno Mr. D-max?"
A: "Well this programmer gives me 150, that box 120, 50 for the exhaust, and 30 for the air filter, and the truck starts with 300, so... "
Seriously, unless you have a dyno sheet, a timeslip, or the name of someone significant who you've matched/beaten in competition, don't even LOOK like you want to talk to me about how much power you have. If the statement starts with "I have (insert part)," "I think," or "I figure," just punch yourself in the face and save the oxygen you were about to waste talking nonsense - not directed at anyone here - just in general.
Getting back to what the thread started about, I would say you are looking at new pistons, cam, pump work, compound turbos or a big single, and custom injectors. Although I don't make that kind of power, I think it's very possible without going to a 24v head and there are several on here who can attest to that. I do think that the guys with that kind of power have had some head work, but do still have 12v heads. Plus from what I hear, lots of swearing is required to get a 24V head and P-pump to get along. Scott (above), Jim Fulmer, and some others have setups in that neighborhood.