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Don't forget that the 69 L46 was rated in gross Hp where as the ZZ4 is rated in net Hp. Big difference. The ZZ4 would outrun and L46 any day.
I had this same question so e-mailed GM Performance Parts and asked them how they rated the engines. They advised that the Performance Parts Crate Engines are rated at GROSS HP. As MNJack said, they have no idea of the configuration or accessories that would be used.
Well, I don't have any numbers, but I can tell you this. A guy in a '79 or '80 C3 pulled up beside me at a light on a highway north of Oakville last night. We chit-chatted for a couple of seconds, and as he saw the opposing light turning yellow, he said, "So how fast is yours?" I said, "Well .... purty fast." He said, "We'll see." When the light turned green we both stomped on our respective throttles, and he was moving in slow motion. I felt like I was in an F1 car and he was in a golf cart. After I got up to that 90-100 mph area (frighteningly quickly), I released the pressure and he caught up to me at the next light. He just nodded his head and smiled, as if to say "OK, I don't mind being beaten that way, by that car."