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Don, the hp rating is the difference between gross and net hp. Gross is at the flywheel with no accessories, net is with accessories (water pump, alt, fan, etc.) which have a parasitic loss. I'm not sure 20% would be an accurate difference, but certainly 10%+/- wouldn't be unrealistic.
Just some nits with regards to the gasoline comments. "Quality" may not be the most accurate terminology as today's gasoline from a quality control standpoint is probably better, both in base product as well as additive systems. Fuel injectors are much more sensitive to "quality" than carburetion. If you're considering octane rating only, then yes, the values are lower today in general than 1968. As for the price, in REAL dollar value (since you brought up the apples to apples thing) gasoline is cheaper today than in 1968 (now THAT should get some bowels in an uproar!!)even at current elevated prices (relative to over a year ago).
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I would just like to add...yesteryear is yesteryear...
Chevy made some good engines ( the 327...I have 4) well all know that the hp rating was bogus they actually made more than the advetised power.....just like today!
The smaller engine of yesteryear still seem to be a favorite amungst a certain crowd and for good reason...These small engines where quick rating ( accelerated quickly)...But with todays technology these are even better....GM has strived to make the bigger engines of today become rapid accelerators...
If your interested in rebuilding a engine of yesteryear by all means take full advantage of the technology at hand...You won't be sorry....Many times you'll end up with a engine that makes more power, idles better and consumes less gas...It's a win win situation...Camshaft technology has come a great deal in the last 10 years...All you have to do is make that call...these people are here to help and they make picking the right parts a no brainer...
