This is not a block cipher. It is a stream cipher: you are using SHA-512 to generate a one-time pad to encrypt the message.
The security—meaning the attacker's expected cost to break it—is at most $2^{512}/t$ if there are $t$ users of the system.
How the best possible security of this system relates to the best possible security of a 1024-bit block cipher depends on the block cipher. The idealization of this system—a uniform random 1024-bit pad—has the same security as an ideal 1024-bit block cipher. But a practical block cipher has a key, and it is typically smaller than $\log_2 2^{1024}! \approx 1024 \cdot 2^{1024}$ bits long.
In practical terms, you should focus more on everything else about your application's security. For example, you didn't mention authentication, which suggests I can possibly destroy confidentiality by forging messages like EFAIL. There is no point in pushing anything beyond a 256-bit security level, if there was any point going beyond a 128-bit security level in the first place as you get with AES-256-GCM or crypto_secretbox_xsalsa20poly1305.