No, a half-ton doesn't make 300hp. But, that's not the issue. The issue is duty-cycle. A half-ton is going to use more horsepower on average.
I don't know anything about the problems these have in cars. I have only had them in trucks--and it was when they were still called TH700R4s. But it's a control issue, not a physical problem more than likely. In almost every case where someone has had a problem it has been on a trany with a throttle valve and that person has not followed the extremely simple procedure for setting the TV cable. The older trannies have a mechanical throttle position sensor built into them instead of using manifold pressure via a diaphragm to provide the control pressure signal. This saves the additional kick-down rod, or switch as the case may be. But if someone does some maintenance or swaps a throttle body or something, and doesn't reset the cable then the tranny won't know when you are whamming the throttle and wanting a lot of clutch pressure to hold the gear. The clutches slip and make heat and burn. It's a common thing among hotrodders who don't realize the importance of correctly setting the TV. But I thought the 4L46E got rid of the TV, so if you are having a problem, the control failure is from something else. It's a great tranny if controlled properly--well matured in an engineering sense. In a control sense, I don't know.