If you want to have a chance of running 600hp through a 722.3 then you are going to have to build it up. The pressures are going to have to be really high. I think it would do it for a little while. The clutches for 3rd and 4th are going to have be stacked a bit though.
As far as making that much power on the m104, get after it. Driveshaft will take it if you are not loading it up to much at launch. It is not the hp but the tq and traction that will do you in. I would definitely put a loop on the drive shaft though with the kind of power you are planning on making.