Olds 307s made 140 to 180 HP, depending on which version. However, the big advantage the 307 would have over a 231 is torque, 245 ftlb vs 195 ftlbs. The 307 was setup as a low rpm torque motor. Another issue is that a factory 307 car is setup for an easy swap to a larger Olds motor. A 231 car will need everything changed for any swap, trans, rad, computer system, exhaust, rear gearing, etc. Each engine type uses its own version of CCC. A 307 CCC system won't work on a 231, so unless it was swapped to a 231 CCC, the OP's car will have oddball issues.