A few thoughts...
1. The 231 is an old dinosaur, so it's structurally overdesigned. Cast iron blocks, cast iron heads, heavy pistons with really-thick upper ring lands (newer engines have very thin upper ring lands for emissions reasons), fillet-rolled cranks, etc. A stock 231 can take 20+ psi of boost with no problems. When I tell my LT1/LS1 friends that, they pass-out. How many LS1's have you seen that were modded, and then had broken pistons? It's almost unheard of on Buick's. It's still amazing to me how much spark knock a 231 can take at high boost without breaking a piston. Newer engines with lighter pistons would never tolerate it.
2. It's not peak horsepower, or even peak torque - it's the shape of the torque curve across the RPM band. A modified TR will put 400+ foot-pounds out the crankshaft from 2,000rpm to 5,000rpm. Turbo engines usually have very flat torque curves, which is what you want. Sure, that little Honda may make 200hp at 9,000rpm, but the engine doesn't breathe at all below 8,000rpm - no torque. If you look at a graph of Torque versus RPM, look at the area under the curve in the usuable RPM range - that will tell you how well the engine will pull.
3. As mentioned before, making 400+ foot-pounds with six little cylinders is more efficient than making 400+ foot-pounds with a big-block Chevy. The BBC will be heavier, have more frictional losses, and will have a torque curve that is not as flat as the 231.
Anyway, just some thoughts to add to the discussion...