Any idea what transmission it is? OEM setup would have been AOD. You shouldn't see a lack of power due to that, I wouldn't think. If someone put in a c6... that could suck up some power. Those were tough transmissions, but not very efficient.
The manual cars typically got 2.73 rear gear. The auto, 3.08. This was probably a decision made by designers based on different transmission gear ratios. A 2.73 behind an auto might cause some noticeable lackluster performance (but good mpg on the highway!). Any idea if the rear diff gear has been changed?
If you have a nice upgraded gear ratio (usually 3.55, 3.73, or 4.10) and still a noticeable lack of power, and you're running a healthy AOD, the next thing I would check is fuel pressure, ignition, and timing. Have you had a timng light on it? And has the spout connector been replaced? You'll remove the spout connector to check timing and then plug it back in.
Another problem I've seen is with the throttle cable. Make sure nothing is stretched, loose, worn, or broken. Pay close attention to the throttle linkage and make sure you're getting full sweep. Check the throttle blade and opening for anything that might be keeping it from opening completely.