I have been reading a lot of the post on this site as well as a couple others sites and from what I have read a 500 CFM carburetor is about the maximum size carburetor you should use on a stock 292 ford Y block motor. However a lot of people have recommended the Edelbrock 1405 which is a 600 CFM and good right out of the box. Help, I am ready to get a new carburetor and need to know what would be best on my cheap budget and stock 292 motor. Thanks

I am totally satisfied with the 600 cfm Edlebrock on the 1964 292 in my car.  Was good right out of the box and has performed  perfectly for 2 or 3 yrs.  Prior to that carb, I was pretty much constantly frustrated with the Holley 4bbl and a new replacement of that Holley-----neither ever ran right for very long despite taking it to a carb shop for rebuild, and then replacement.  After many years of messing with it, I picked up the Edlebrock on sale and life has been good since. 
BTW, in my case the air cleaner I used for the Holleys fits fine on the Edlebrock.