power questions

hey guys,
ive got a 91 5.0 in my ranger. i believe the bottom end and heads came out of a thunderbird, but it was in a lincoln, with a lincoln non h.o-intake/tb when i got it. anyway, I put an f303 cam and double roller timing chain, an edlbrock performer rpm clone intake, and a holley 600, and im currently running open headers, but after today will have downpipes to either glasspacks or superturbos (if i think the glasspacks sound redneck or too loud).
what kind of power should i be looking at, im guessing right at 300 hp. am i off? it pulls strong, but has severe traction issues, and i dont mind the f cam with the stock converter at all. it doesnt have any down low problems, but stumbles occassionally at like 2000 rpm when accelerating not hard, trying to ease into it it will stumble a little bit. i think i need to tune the carb, its brand new and i just bolted it down.
Let me know if im a ricer saying i have 300 hp.
thanks,
mark