That is the "official" way it was supposed to be, but we know they weren't all made "correctly".
The 82 GT may have had "only" 157 horses, but it was no slouch. The first 2 gears of the 4-speed were low, so acceleratjon was good. No automatic available in 82 w/ 5.0 litre. The engine had a nice "marine" cam, a pretty big 2- barrell carb, and a good free-flowing exhaust. It was the fastest stock car sold in 82.
Low 14s were easy in stock form, a couple minor tweaks would get you mid 13s. Those times are as good if not better than any typical, average "muscle car" from the 60s. They were especially good compared to what else was available for a late-70s/early 80s "muscle car".
People today sometimes seem to forget how good we have it right now: the level of high-performance easily and affordably available to anyone at reasonable prices is absolutely astonishing. It won't last forever and we will sure miss it when it gone. I know I will.