what kind of power am i makin here?

If he`s running 12.0`s I don`t think you`ll have a chance to catch him with your current set-up. I`d guess with your stall and gearing you`re more of a high 12 ,low 13 car. I agree with everyone so far, more stall ,more gear, more carb, and go to a solid cam for the gear. A shift kit would be an inexpensive improvement too. Watch your tire pressure, and go get that Camaro.