The some of post above is...(I like RVN's choice of words)..."folklore"
The 302 in the 67-69 Z/28s was not aluminum. The engine was cast iron, block and heads.
The power rating for 302s was 290hp@5800 rpm but was generally believed to be making 310-320hp@6200-6500 rpm in production trim. The torque rating for 302 was 290 lbs/ft at 4200 and that is probably legit. Built and tuned for SCCA Trans-Am racing of that period, the engine made more like 400-450hp@6800-7000 rpm.
As for power ratings:
Up to 1971, all power ratings were gross. In general, that meant the engine on an engine dyno with no accessories except the water pump. Exhaust was a set of open headers. The engine's fuel and spark tuning were optimized for use with 103-octane gas. Coolant temperature and air intake temperature were optimized for best performance.
From 1972 to 2005, GM's engines were rated SAE net. In general, net ratings were taken with the engine fitted with all accessories and exhaust emissions equipment used in a production vehicle. Exhaust was the complete system from the car in which engine was to be installed. Fuel and spark were set at production calibrations and the engine was run on pump gas. Coolant and air temps were typical of road use. In the early 70s, when the changeover occured, it meant a significant loss in rated power, however, as time went on, the loss became not as much, ie: if you tested an LS3 out of an 08 Vette in both the old "gross" power and the current "SAE net" power ratings, the difference would not be as much.
From 06 to now, the ratings are still SAE Net, but the rating system works a little bit differently.
The power and torque differences between 1970 and 71, was due to the decrease in compression ratios that occured company-wide, to GM cars for MY71.
The engines sold by GM Performance Parts are rated using the old gross power rating.
The LS2 and other engines installed in production vehicles, are rated SAE Net and, thus, will have a comparatively lower number.
My guess is that if the ZZ4's torque was rated SAE net, it would be more like 375 lbs/ft.
If the LS2 was rated by the old gross system, it might be 425...maybe 435 lbs/ft.