People did that and at that time you can't blame them they were daily drivers afteeall.
Thought about the '66 454 over a vino tinto and I like it so I'll be making a call tomorrow morning. Did I mention, I love Corvettes
Its 15 years or so since I 'mothballed' the perfectly running and 'humble' 390 L36 427, installing the brand 'new' 570 hp 4 bolt stroker engine in my '68.
I still have the matching numbers L36 engine so can return to stock quite simply. Even 20 years or so ago parts for rebuilding and 'hopping-up' closed chamber 427 and 396 engines were relatively short on supply and correspondingly expensive whereas 454 engines were made long in to the 90's and later so were then plentiful (although less so today).
Reality was/still is that the later open chamber 454's benefitted from a huge array of aftermarket and less expensive stock components.
Even though 30/40 years ago C2/C3 Vettes were collectible there were many who 'pulled' a hi-po small block or big block engine out of a srap yard or crash damaged car to put in a hot rod, Camaro, hot rod or stick into another otherwise 'cooking' Vette to increase its value.
And of course the 'donor' vehicle would simply have the original engine replaced with a lo-po 70's emission era engine (probably sourced out of the very same scrapyard) and then sold-on to an unsuspecting buyer.
Guess a few of these made there way over to our shores where buyers and perhaps sellers too (being generous here) would be totally unaware of the engine change.........and lets face it a 'green' buyer looking for his/her first American car/Corvette could probably be sold anything with a V8 engine and they would be fooled.