That "Someone" has no idea what there talking about. In 1976, all engines were suffering under tightening emissions and as a result, low HP and torque. Off hand, the engine probably puts out 180 HP. There's nothing desirable about the engine except the reputation it holds for being reliable with acceptable mileage for the day.
The engine & trans could bring in about $200. However, this would also be an excellent engine to learn how to rebuild for yourself or for somebody else.