Crash,
It could be. I have an article at home about a '70 Formula RA-III with headers, 4 speed, 12 bolt rear running 12:20's in the day. Have to wait till I get home to get the article.
You may want to go to
http://www.performanceyears.com and ask the question in the forums there. Just go to to the correct forum and ask. You should get a good reply. Just state the question as you have asked above.
I guess anything is possible as my HO came with a standard 4bbl cam instead of the HO cam. Still MPH'd at 104. Not bad for low compression, 3:55 gears and M-22. Also car came w/o cid call outs on it. No telling what they were smoking at the Freemont plant. LOL
If you don't ask the question at the PY site I can for you.