How do Torque and HP differ?

Lelo Dart said
OK just to try to understand, which would be faster, 300 hp 400 lb torque engine or 400 hp 300 lb torque engine, 1/4 mile same setup?

Odds are, all else being equal - the higher torque will be quicker, the higher hp car will be faster. However, if each package could be optimized for their respective pacakages, the HP car would be quicker and faster.