700 engine HP sounds fun if you got the right set up to let the engine perform. I'm sure the engine builders have seen some of their engines to make good wheel power, but most to be pretty sucked down in power with exhaust and fuel delivery system limitations.
Trap seeds don't lie and change little with varying ET. Check out how much real power you have. You can correct values to sea level with this link if you want to compare apples to apples, much like corrected dyno numbers.
http://www.modulardepot.com/density.php
2800 lb race weight,
115 mph = 337 wheel HP
120 mph = 386 wheel HP
125 mph = 432 wheel HP
130 mph = 486 wheel HP
135 mph = 545 wheel HP
2550 lb race weight
115 mph = 307 wheel HP
120 mph = 348 wheel HP
125 mph = 394 wheel HP
130 mph = 443 wheel HP
135 mph = 496 wheel HP