low hp and torque

If someone's losing 21-24% with a 727, they need a better tranny builder. The "norm" for a Mopar trans is 18%. At least that's what I've always been told and found when comparing notes.
That comes to just under 1.1hp/inch. If the eddy heads are around 240 (basically box stock with gasket matching and a valve job) then you're close. The rpm points will be screwy on a chassis dyno because of the convertor, the braking system on the dyno, and the calibrations. I think you're ok there. Go race it and see what it does.