Annnd you've bolted on the wrong stuff, because your 1995 engine could be putting out 300 horsepower at the rear wheels, easily. When most people (and factories) mod those things, the horsepower goes up a lot and the torque goes up a little. Strangely, a build with the same torque as you, but 345hp will go a LOT faster than what you have. Well, strange if you believe in your theory. Not strange to the rest of us.
Remember upthread, where argatoga pointed out that his 150hp, 280lb/ft Town Car was a lot slower than his 245hp, 280lb/ft XJ despite similar weights? Yeah, point still stands.
Also, the LT1, as interesting as it is, is absolutely a smog motor. It's an adaptation of the Gen I small block and certainly isn't a clean sheet design, having carried over much of the rotating assembly, for example. It wasn't until the LT5 and the later LSx engines that GM stopped making V8s adapted to smog purposes and had an engine purpose-designed to comply with emissions *and* make power. Prior Gen I and II smallblocks are all built off that chain of development that started with the 265 in 1955 and proceeded through the mangling emissions controls from the 70s forward. None of them were optimized to make power and have good emissions from the get go and they were all modified and adapted to changing conditions rather than having GM start over with a clean sheet (which most other makers did). So, yes, your LT1 is still a smog motor, as is my XK6 engine and my father's 6L V12. My VG30 and AJ16 aren't.
You should perhaps read this:
http://www.allpar.com/eek/hp-vs-torque.html
There's also the old saw: Torque gets you moving, horsepower gets you down the highway.