Fuel filter... just an idea.
^^^ This, as well as fuel pressure, fuel volume, tanks vented (creating a vacuum), cracked fuel lines sucking air, the list goes on...
In my experience, something in the pump, or a loose pump = high rpm, not low rpm. 3800 rpm & AA= ~225 hp, and an A is ~200 hp, depending on your build, you are missing ~200 hp, or so or about 1000 rpm.
Definitely check the tach accuracy. 1-2% is livable, 10% is 380 rpm, witch is either 4180 (hi side) to 3420 (lo side), still dismal for a BBC.
Check all the things GT said, too
Dan'l