That would make sence cause I've heard people say 240 before about early 5.3 V8s. I hope thats the case. A guy I know that runs a dyno says he has heard 190 before but he thinks its the first year they had the 4.8.

 

I aways heard 11% Per axle so 22% for all wheel But im not sure how much you loose thew the transfer case

 

if memory serves right the first 5.3's were only like 270hp (99 year model and so) the "classic" 99's with the 350 had something like 250 or 60 so there wasnt a great increase plus the 350's power band was lower than the 5.3 which is good for a truck.

but hey i could be wrong.