Looking at it as a math problem, RPM X Torque = Horse Power.
With a naturally aspirated 216, RPM is the limiting factor due to poor breathing heads which cannot be significantly modified due to their design.
The best way that I have found to get the most out of a Stovebolt engine is with a T-5 out of an S-10. It gives you 5 close together shifts which results in keeping the engine in the optimal power range through all gears.
With the original 3 speed, every gear shift results in starting out lugging the engine until the engine speed increases to the point where the engine is screaming until the next gear shift is made where it once again lugs. This does not equate to optimal performance from this engine.
Carl