Hello! Congrats on your 500E and upcoming project! I live in West Bloomfield and go to Ann Arbor quite often. I was also a U of M'er BTW.
Give me a call anytime. I have some insights and sources for 500E parts; especially engines and transmissions. I bought a 119 engine for my SEC last summer and installed it myself. My transmission is from a 500E (722.370) with kevlar bands in it. I have a slightly modified valve body for tighter shifts as well.
I'd love to hook up and talk some m119 shop talk with ya.