Can a vehicle have too much horsepower?

IIRC, your doing the 5.9 Magnum?

I really like the 5.9 Magnum in my ‘79 Magnum. Backed by a 727/3.55’s with 245/60/15’s. It should be a really great performer in a several hundred pound lighter A body.
I’ve lightened my ‘79 up a bit from its stated 3700lbs.

In the future, I’d like to give it a small cam and aluminum heads. Just a liiiiiiitle more umph!
I'm doing a LA360 home ported heads, speed pro h116cp pistons .030 over, 9.5 cr lunati voodoo 10200702 cam it will put me around 7.9 dcr. 340 cast intake and a thermoquad finished off with full length summit cheapo headers. I'm guess around 300-340 real world horsepower. What do you think?