It doesn't really matter if you've got enough torque to pull an elephant inside out by hooking a log chain to his trunk through his arse. 302 HP won't get you 147 MPH. No way. No how.
Also, what RPM is the 302 HP? It's been adequately explained that torque and HP are not independent. You can calculate one from the other at any point from idle to redline.
. . . now where did I put that trolling motor?????