Matt,
This is strictly a guess, but my 292 is probably putting out 170-180 true net HP
MAX. I have the following.
1. .060 overbore.
2. HEI ignition.
3. long tube headers.
4. mild cam (194I/204E duration @ .050; .464 intake and .494 exhaust lift).
5. Offy intake and Edelbrock 500 cfm 4 barrel.
My engine is a very mild street engine. Because of the enhanced intake and exhaust I could probably add as much as 35 more HP just with a cam change (a radical cam, that is

).
To get some serious HP from a 292, naturally aspirated, you have to build your engine to turn some very high revs (6k+) and "cam" it to where the engine's maximum HP is made in the higher RPMs. You also have to have some serious head work to keep the air flowing at proper volume and high enough velocity to build the power.
To get lower RPM, high power you have to go turbo, blower or nitrous.
-magic mike-