Engine ratings were Net HP in those days they would test an engine with all the accessorys installed and operating to get a HP rating ..
lots of todays engines are rated the same way but the tech has come along way with fuel injection and better materials
back in 77, 220 HP would have been top of the line HP
I don't remember the 0-60 times but the 1/4 mi times were in the 14-15 sec range for the automatic cars (remember these were heavy cars) compared to todays lightweight ones, they weighed around 3700-3900 lbs depending on options...