You wouldn't really gain that much..It makes the passenger side of the engine compartment alot cleaner, and it takes off weight from the front end. Unless the airpump is seized or is hanging up, I would say maybe 2-3HP.. Almost makes it so the major gains are had from the reduction of weight.
I did this on my 88GT, and it's a pain in the buttocks to do it correctly..I did it when I had the heads off, so I could plug up the thermactor ports on the back of the heads. I took the stock thermactor and welded it shut, looking back it would have been better just to use pipe plugs and possibly JB welded them in, or tapped the holes..
I plan on doing this sometime, probably when I do heads again. I won't get emissions legal heads so I won't have to plug them..