I'd say either would be fine but my vote goes to the LLY.
To get past 500hp your going to be looking at a turbo change so we can rule out the difference in turbo's between the two motors. I prefer the injectors on the LLY because they dont have issues like the LB7's are known for. The rest of the fuel system is pretty much identical. The motor internals are similar if not identical. The headgaskets suck on both motors, if they havent been blown yet your going to be looking at changing a set once you get past the 500hp mark I'll bet.
My old LLY made something like 619rwhp and that was with a modified fuel pickup, FASS lift pump, HTT turbo, head studs, Suncoast transmission with a precision converter and a shit ton of other support mods but nothing really to call home about. It was tuned with EFI live by myself.
Are you deciding between these two models because you can get one cheaper? Its a lot easier to make 500hp on the LBZ/LMM. For 800hp I would venture to say your getting into the territory of rebuilding the motor with better internals. I'm fairly certain the rods were bent in my LLY after some heavy abuse, it started to smoke when it was cold really badly.