Guaranteed, you can get 315 real hp, minium. Why? Because in 1961 the Corvette was available with a Fuel Injected 315hp-283 @ 6200rpm. Those Rochester FI units flowed about 500-550cfm, the cam was a solid lifter with about a .384 lift and a rather long duration (for that much lift) around 222deg @ .050, 11:1 comp, and the very first 1.94/1.5 heads. Made an honest 315hp.
Next the 302 Z/28 engines could be bluprinted and super tuned to produce close to 500 hp.
So, theoretically, if you bore a 283 .030 (287) or .060 (292) and use one of todays better technology camshafts (maybe a roller), a good intake with at least a 650 (the Z/28 used a 780) carb, at least a good set of mildly worked 1.94 (if you go wirh a .060 overbore you can get away with 2.02) heads (maybe jump out there and go with aluminum), good headers, and a quality ignition, you should be able to extract 350-400hp. But remember, that WILL NOT be at 4500rpm!
Because of the displacement, torque won't be real big, but you will give them fits with the rpm it will turn! When they are halfway through 2nd gear, you'll still be in first and screaming.
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Tom Parsons
[This message has been edited by DZAUTO (edited 10-14-99).]