If you do the SAE correction for those conditions it shows you should of made 371 at the crank. Poor exahust and a tune that is a bit off, and I can see you dropping to 300 fairly easy, which is about what you made. Do the things we mentioned and tighten up your tune and you should be able to hit 270-280 at the wheels under the same conditions. I would check the things that you did on the motor for problems (exahuast leak,plugs,plugwires,are the secondaries on the carb opening?)