Horsepower sells cars, but torque wins races. I heard that once.
Not saying it's going to mean anything, but he's got you beat in both. It is an even race, but a properly tuned 307 is nothing to scoff at, and mileage means nothing. 307s are near bulletproof. I'd go easy on that 4100. I'd be more worried about you cracking a head than losing the race. Your lighter weight will be a plus. Make sure you empty any unnecessary stuff from your trunk.
That problem with the TCC solenoid may work against you. In my car, the issue was only present after the transmission had warmed up, so try and let the car sit and cool before you race them. If the TCC kicks in at the wrong speed, It'll sap your acceleration worse than anything. My 307 is not nearly the slug off the line that it was described to me as, especially since replacing that solenoid, and I never put it to the floor.
Still sounds fun, and good luck! I'm pulling for you, even though I'm a 307 guy.