That will be more than enough in a mk2. Done a few 803 conversions all on T34/48 most I have seen is 360bhp also had 332bhp on mine with 109k on the clock.
Done a mates and he had 347bhp.

I have a msd chip and coilpack conversion etc etc on a T34/48 stage 2 turbo with cutback blades on 55lb black making 421bhp and 418lbft.