How fast is this corvette?

[Take IT to the Limit]

My buddy has a late 70's or early 80's vette at his place and all he does is make noise about how fast it is. I have a '97 Trans Am with the Ram Air. It's suppose to put out 305 bhp. The car is pretty much stock except for a 4.10 rear end with a shift kit. It hits 60 mph in 5-6 seconds. My buddy was showing me that on the vette's gear selector it had "330 hp" written on there. I don't no much about these cars. He says its pretty fast, so is it? I want to race him and settle this.