I had a pal with a 1976 formula with a 455. Nice car. He modded it to look like a TA. Not sure why he didn't just buy a TA. Must have been a reasonably large price difference between the two models. (expensive decals?)
'68 428 HO M3 Monster, 4-on-the-floor! Need I say more?
The Trans Am was more expensive, but you got a lot of things standard that were optional in the Formula. First and foremost was the engine. Standard in the 1970 Trans Am's was the RAIII (optional RAIV), then in 71/72, the 455 H.O., then the 455 (optional SD455) in 73, add in the standard 400 engine to those two offerings for 74, then the 400 or 455 H.O. up to 76, then the T/A 6.6 400 in 77-78, etc. Some exceptions here and there, but Trans Am's were always top performers. Formulas could be ordered a number of ways.
Engine turned dash, Formula steering wheel, posi-traction, all standard on the Trans Am, but the biggest cost factor over the Formula was the Trans Am bodywork. Special fenders with functional air extractors, functional front and rear spoilers, and functional wheel spats. And from 1970-1972, functional shaker scoops (all the ones later scoops were sealed, but still shook).
The hood bird was extra cost, so no, people didn't just buy a Trans Am to get the screaming chicken.
The Formula was far more stealthy than the Trans Am, and properly equipped, you could get a Formula to handle the same as a Trans Am, have as much power, but not draw any attention to yourself. Oddly enough, Trans Am's continue to pull bigger bucks than Formulas with collectors, and ironically, it's the big bird on the hood that appeals to them now.