Hey Berny, the 501 cylinder head had the spark plugs offset to the side of each cylinder, where as a 503 cylinder head had them evenly spaced which was much better for combustion efficiency and torque! There was also whats known as a Ricardo cylinder head developed before the 503 came out, which had the even plug spacing, and the combustion chamber was smaller which bumped the comression ratio up and gave a bunch more torque. I haven't heard of any plug depth differences, but haven't compared the heads myself either! From what I understand the 503 head adopted this combustion chamber design. The way to tell is the 501 head is ballooned out, while the Ricardo/503 head is chamfered over the piston (and the plugs are evenly spaced). Both are interchangable on a 501 block, but the head gasket needs to suit the cylinder head from what I've been told.
While im at it, the 503 oil pump has a bigger capacity over the 501 and its reccomended to be installed in conjunction with the head. You can visually tell the difference as the 501 pump has a flat base, while the 503 bulges out. Hope that helps!
Brodie