That's what the myth was based on. The Pontiac guys either had to race the OHC six - which some did with modest results - I know one of them - or come up with a way to use a V-8 engine of the right size. They convinced the officials that they should be allowed to use the Chev 302 for the "reason" stated.
I'm not so sure that the officials were fooled , I suspect that they wanted to get the number of cars competing up. This is based on many years of racing and officiating.