1965-200-6=120, 1981-200-6=94, WHY???

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Probably compression ratio.

You could mill the head and put a more agressive cam in it, But I wouldn't waste time or money on it. Back in '89 a buddy of mine did that to his I-6 Granada. Milled head, Lunati cam, header, bigger intake manifold with a holley carb. It was still a turd, probably didn't make 140 hp. For what he spent he could have built a nice little 302 and been done, but he wanted to be different.:shrug:
 
Im sure that there isnt much if any difference in the performance of the 2 engines. If im not mistaken until the early 70's auto manufacturers determined the output by testing the engines pretty much bare to the point of having no drag. open headers carb etc. Then the rating methods were changed to truely represent the power that the engine made. betcha the engines would dyno the same. Why spend ur money on that engine? A decent used 302 can be found cheap and I think you would be a heck of a lot happier with the performance.:nice: