With a 20 percent loss through the driveline it should be like 112 WHP, and thats not taking into consideration the condition of the motor. So it could be even less.
Yeah I remember some guy dynoed his 70 something F code 302 and had something like 93 HP at the wheels. He had a C-4 so that accounted for some parasitic loss but geez... Ford built these motors like tractor motors. Their torque peaks at around 1800 RPM They are all done by 3500 RPM in stock form.
Yessss, as cylinder walls tend to wear they lose pressure. Other things also cause a loss of HP, like carbon build up. Worn out carbs, etc.