I always kind of looked at it this way. If you don't have to run race gas and you enjoy the ride, "It's Streetable".
Case in point, my 360. 425hp, 412tq, 3500 stall, manual reverse 727, 4:10's out back. It runs on 89 or 91 octane and is a blast to drive. Next year it will have a 340 with a blower sticking out of the hood and will still be streetable.
Jack