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I just noticed an interesting graph at CorvetteBlogger.Com. It is a GM graph that shows advertised horsepower for all Corvette small-block engines. Wow, since 1996 output has really increased dramatically.
Be aware that the graph is clearly labelled "advertised horsepower". Comparing the pre-1972 output figures with the later ones is erroneous in regard to actually comparing "real" output. Remove ~80 horsepower from the pre-72 (SAE Gross) horsepower figures so that you can compare apples to apples.
What is the basis to remove 80 hp from the pre-72 cars. I just had my 327/300 hp vette dynoed at it only put about 160 hp to the road at the rear tires. I was told to multiply by 0.28 and add that to the 160 to get the actual hp at the motor, which would calculate out to be 205 hp at the motor. Pretty close to your -80hp subtraction from the advertised 300hp engine. Thanks.
The -80 hp comes from engine power drags like fans, alternators/generators, power steering/brakes, ac, etc. The pre-72 figures were "gross" ratings, meaning before that stuff was on the block. Later engines are rated "net", meaning after the accessories took the power they needed.
IPS Motorsports in Columbus dyno'd my 327 SWC a couple of months ago. It measured 290 hp at the wheels. Taking your 28% factor for drivetrain loss, that's 374 flywheel hp. Mine's got aftermarket EFI on it, so that compares pretty well to the original EFI advertised 375 hp.
The difference is that my 374-hp rating is net, and the original Fuelie 375-hp is gross. So mine should have more power than the original, which makes sense, since it's got 45 years of head and fuel-injection technology added on. But it won't be 80-hp more, because mine's got manual steering, manual brakes, and now electric fans.
The other big difference between my engine setup and the original fuelie is that it ran 11.25:1 compression with 106 octane, and mine's down at 8.0:1 with 91 octane. Again that's possible because of improved heads and EFI. And maybe the sidepipes help a little.