Is it true?

Check out this link
http://www.gtasourcepage.com/88MTTopSpeed10.html
Is the 1988 Iroc really capable of this is so, that is awesome

yes it is capable of those speeds.

Now the last of the third gen Rs (i know the 305 is a boat anchor) but i was wondering what is was capable of stock (0-60, 1/4 mile)

Why would the Trans Am only get 141, but the Camaro got 148. It doesn't seem like there would be that much of a a difference from the body style. I would have thought that the Trans Am would have a better body style for top speed.

i think the rs ran about mid 16's