The amount of HP that is enough/feasible is to a large degree dependent on getting the suspension of the car dialed in and investing in a good set of tires.
A quick query--how many guys posting that 400/500 hp is too much are running good tires (e.g., Avons, drag radials, Billboards)?
For whatever reason, a lot of guys settle for running junk tires (e.g., Radial T/A)--which can be downright dangerous in these cars.