Considering the fact that your 98 vehicle is probably still bound by smog laws, I can say that the factory exhaust sytem on that truck, leaves a lot to be desired. And, can be upgraded, while maintaining smag ability. Flow masters, a cross over pipe, weith true duals, high flow cats. This is where I would start. Also, K&N makes several cold air intake, or high flow filters for that truck. Both of these would be a good starting place.
I own a 93 Chevy Silverado K1500 4x4 with V8 350 TBI 5.7L. so unless Chevy has changed their blocks, i would suggest that naturally your block is a SB 350. However, since your question was about horsepower, not which block you have, I will tell you the horsepower. The 1998 Vortec 5.7 liter makes 255 horsepower.
great truck with 290hp and 410tq at 3200 rpms
315 hp
5.7 vortec
Vortec V-6
245 hp.
295 horsepower
About 290 hp.
285.
i belive its 160 or 180 if its a vortec
270
305 horsepower