No, almost certainly not. Much more likely somewhere solid in the low-mid 200hp area. Should be around the place a 302 swap that doesn't see excessive port and head work (enough to buy a Magnum motor) would go. More than that- it's relative. I find it hard to believe the numbers in the 300s would be actual on most builds.
The reason I'd think about it the opposite way is I've never had a 2bbl run near as good as a 4bbl, even the ones that were acceptable. Everything before is not too complicated, makes it easier or no more difficult to obtain good reliable consistency from it, and everything before will help some towards the ultimate goal. It'll run a little bit stronger on the topside with just a 4bbl, it'll pull a bit harder with headers, it'll have a stronger sound with the headers, and it'll be easier to make it run near perfect with the 4bbl. Its condition and reliability are primary, then comes the rest. The thing about compression is if you have only the compression and the rest of the build's not there to match, not only will it be about as much a dog- but it won't behave well either or will need higher grade fuel. Been there, done that- won't again. Sure, it's fine to band-aid in a car that only ever has a driver and never really gets beat on- but best case you're gaining nothing or on the worst hand you're losing reliability.