Assuming both engines are in the same condition, just the extra cubes alone will be good for at least 20% more torque, and make it at a lower RPM. Possibly more than that, because I suspect a Corvette engine would have had better heads and more compression than a sedan or a truck 350. That's because even in the dark ages of emission controls, Chevy was always trying to eek out the most power possible for the Corvette.
The above numbers are "NET" horsepower. A 1970 307 made 200 GROSS horsepower. HOWEVER, that was dropped to 130 hp in 1972 when they started publishing NET horsepower. Comparing apples to apples, we are really looking at 190-230 net hp for a Corvette 350 compared to 130 net hp for a 307. No contest.
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