I'm reminded of when I used to go to Summit Point frequently. There were a few classes that didn't have many entrants and they'd put all these classes on the track at the same time. I remember that the GTP class (maxed out Pintos) were not all that slower than the GT1 class (mostly stock Porsches and some other sports cars). I remember one race where a Porsche took 5 laps to pass a Pinto, and believe me, he was trying his best. He just didn't have that much more power than the Pinto had.
My takeaway from this was that, for me, small changes in power won't amount to much. Of course, if you're drag racing, a handful of horsepower might get you the fraction of a second you need to win.