Contemporary accounts from the time indicate that while the supercharged Stude Avantis had the performance image...the early Avanti II 327/4-speed cars were better performers. A lot can depend on other factors such as rear end ratio...whether the car had a/c or not...driver ability, etc. But the early Avanti II/4-spd was the hot setup.
I've always heard stories about Avanti Motors installing some Corvette LT-1 engines in some Avanti II cars which would have been the setup to have...but I've never seen conclusive proof it ever happened. If there are any factory LT-1 equipped Avantis out there any present owners may have no idea of it...just wondering why their engine has such valve train noise due to the solid lifters. So many Avanti II cars have been parted out, rebuilt or had some other fate we'll likely never know if such LT-1 versions were produced...or if the car still exists does it still have its original engine? It could easily have been swapped out by an unknowing owner if they ever existed at all.
Avanti Motors did promote an "Avanti Stinger" model as an optional high performance version...perhaps that was the source of an LT-1 engine option but whether any were actually produced is unanswered. About the only way to find out would be to examine every production sheet for every Avanti II built during that time period and see the options listed and check what engine was installed.