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The 73 454 I just bought came with coated Headmen headers and an aluminum radiator with dual SPAL electric fans. I've never owned low compression big blocks before but this car seems very strong. It feels way more than 275 hp? Stock cam, stock intake ,Q-jet no smog pump.
Even low compression BB's make a lot of torque.That is what you feel when you hit the pedal.Not knowing what has been done to the engine it is hard to say what it is making.Does it have a smooth idle?Or does it sound lumpy or racy?
There are lots of ways to improve the hp on this engine.
A stock low compression LS5 454 is a great street motor.Years ago a friend had one in a 73 camaro with 3.08 gears and it was a fun ride.Lots of torque everywhere and gave lots of built small blocks a bad night.
edit:
Doing a compression check to find out the actual cylinder pressure is a good start to what you have.
The engine was rebuilt by the previous owner with no mods except for headers, K&N, and radiator. Very smooth idle. I ride a ZX-14 with over 200 hp at the rear tire, had many vettes from a 69 L89 to a new c6, this car seems very strong for 73 BB.
Enjoy it for what it is.A little more than 8.5-1 maybe or possibly a little head work has been done.Something to be said for a well matched blueprinted engine.Drive and enjoy.