I saw a member here on the dyno a few years ago with a new 468 that registered in the high 2s at the rear wheels. Not to embarrass him further I won't mention his name. :L I rode in his car and it was a mountian of torque. We were all suprised. Could have been a dyno problem or that the truth just hurts. Could have been that he needed to go to work refining his engine setup.
GM's gross ratings were at the flywheel without any accessories being driven. Even the cooling water was pumped by an outsode source. Throw the engine in the car with a water pump, alternator, p/s pump, possibly an A/C clutch spinning on some cars and then the drivetrain losses. Now add engiine and tune up condition like rings, worn valves, timing chain, weak ignition parts, and the possibility that someone had leaned out the carb and messed with the spark curve seeking better mileage at some time and you can have some real pathetic numbers.
This just tells me that the guy has some work ahead of him.
Tom