If you have an OD tranny, you have a 200R4. If not, you have a TH200. Only two choices that year.
It is true that 180HP from a 307 is about the best it could get within a REASONABLE amount of time, effort, and money. There is a 307 "hop-up" page here which sums it up nicely:
http://tlentz.oldsgmail.com/more_power.html
I looked into this a while back, as i have a 307 in my 86 CS.
I finally opted to just leave it alone as stock and get a faster car later...
Now I have heard of a few who swapped in a 70-72 350 and actually got the ECM to work with it (if you are in a state that tests emissions)
I would just leave the sensors in place (and not use) to pass visual inspection should the car not be subject to sniffer tests.
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-Rob Young
1972 Cutlass Supreme Convertible (442 clone) -"Lady" (My mistress...)
http://www.flickr.com/photos/robsalbum/sets/
1986 Cutlass Supreme Coupe - "Pristine"
1978 Ford (Old Faithful) a.k.a. "the Tramp"
1997 Cadillac STS (for sale - too many cars!)
1999 Harley Davidson Sportster - "the Freedom Machine"