Actually the HP numbers were advertised lower because GM wanted the Corvette to look better. It was obviously a better selling car.
As far as I know this is incorrect. My info comes from an original article on a GN in Car and Driver, back in 86. I am not sure if many of you are familiar with this article, but they brought up the fact that its performance did not match its factory hp numbers.
They estimated that their test car was producing 300 hp, one of the factors was that they were testing in very cold temperatures which would make up "some" of the 65 hp difference between the 1986 factory rating of 235 hp, and the 300 they thought it had. As far as they could tell, their test car had not been messed with so they left it at: "write us if you know".
About two months later a letter appeared in their letters section, and they said they had heard from a source in GM's engine dept, that said he had witnessed the engines (no difference from 86 to 87) turning 285 hp with mufflers. He stated Turbo Hydramatic rated their Th 200-4r's capacity @ 250 hp, so they rated it at 235 (5 more than the vette that year) so they could at least put it in the car.
It is all in Car and Driver, see for yourself.