The rattle can paint will come off with enamel reducer without harming the finish below. I passed on a 20k mile survivor LS5/M22 70 Chevelle a couple years ago for the same reason and the guy after me knew more than I did so he ended up buying it and cleaning it up and has a killer car now that I'd love to own.
255 HP was the new net rating for 1972, probably very close to the 330 gross HP rating from 1971.
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