I agree a bonneville at 300hp+ is not all that terribly difficult, but I would have to disagree that it can play 'past' the same field. My 96 is a monster, espically in the torque field. The only thing i've done are heads, cam, springs, and rockers (plus the usual like exhaust and CAI) and the car will accelerate like a madman if asked to. The LT1 is an amazing platform to start with, and given the opportunity can stomp most other metal on the road. Some of the other impala owners I chat with are running mid 11 quarter miles, and considering the car was 10K cheaper than the bonneville new, there is pleanty of room to mod.
Bonneville is a great car, but without a LOT of money, it isn't going to keep up with a moderatley modded LT1 Anything.