horsepower

I currently have a 91 s10, 4.3 tbi 4x4. I recently installed the 2.5” rough country lift kit and put new 31s on it. If I were to put a 350 v8 into my truck, do you guys think the added lift and tires will cause a decent loss in HP? I want to be able to race it with some buddies on a “legal...