I did the math on hp loss versus weight loss, and with a loss of 40 hp, it is a wash at 8.80 and 3000 lbs.
The biggest advantage of all is the loss of 100+ lbs up front! This weight removal can really be an advantage, especially if you want to stay anywhere near the stock engine location. Want to buy a slightly used mega block, 4.501 bore?

8..603 156 mph best, 2905 lbs 549, indy 572-13, alky