i wouldn't hold your breath on it being an HO car - as already stated there were very few in 86.
on the subject of modded 305's, a friend of mine had a 200k bone stock lg4 bottom end with vortec heads, an intake, a carb, and a cam, and he was knocking down low to mid 13's with a T5 and a 3.42 posi rear a couple years back. that's pretty respectable for what it was and what money he had into it.
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