need more info. If both engines have the same gears, exhaust, and built completely stock, you might lose. Underdrive pulleys are only 5HP gain, dont worry about them. But, you have a newer engine and better tires which could make a huge difference. Plus a formula weighs less, no ground effects.
heres some info on TGO:
http://www.thirdgen.org/newdesign/tech/techdb.shtml
car HP TQ
90 Formula TBI stock: 170@4000 255@2400
91 GTA 5.0 TPI stock: 205@4200 285@3200
or
91 GTA 5.0 TPI stock: 230@4200 300@3200