A TE44 on race gas would beat a stocker on alky no problem. I'd take a stocker on alky over a TE44 on pump gas though. There won't be too much difference between the stocker and TE44 until you get into the higher boost range such as more than 20psi or so.
For reference, from a stocker on alky to a TE44 on alky, I gained 0.7sec the first time out on the TE44. I went 12.3@106mph on the stocker and 11.6@113mph on the TE44. I had 25lbs boost on the stocker and 26lbs on the TE44, everything else being the same with almost identical 60fts. The stocker was maxed out, probably peaked at about 24lbs boost or so on alky. With the TE44 I probably could go 11.4s if I raise the boost a little more. All this on a stock motor and a stock intercooler with a dutt neck.