While I would agree that many folks are overly optimistic about horsepower expectations, but I regard the above as overly pessimistic. Porsche specified the 3-liter engine at 180 hp, and that's perhaps the LEAST you can expect, in stock form. My engine has been freshened and has cams. Its O2 sensor system has been unhooked and timing is advanced to 35 degrees full advance. It makes 205 hp at the crank (174 at the rear wheels) all day long.
I would expect my engine, with 98mm P&C's and 9.8:1 CR to make closer to 235.