Everything that Mc2guy states is correct, and yes a 350hp gasser WILL outclimb a 275hp diesel if af course the motor is actually turning at it's peak rpm for hp.
However, and I did not read every reponse in this thread to see if someone mentions this, the diesel rating might not be what is ACTUALLY what is under the hood. I know from my experience in the diesel industry (farming for the most part) that the hp rating is often less than what is delivered.
I bought a remanned N14 from cummins and is was rated at 428hp, after break-in, it had slightly more that 475. I suspect this is fairly common with diesels and NOT with gassers. I would also guess that if a gasser has had a few miles on it, it may be less than rated.