Dyno Results....

So just got back from a tuning session on a chassis dyno...I was kinda expecting more.

Engine specs:
440 bored .030 over
Forged Factory crank
Speedpro 7025 pistons with dome milled off.
Approx 9.3:1 Static Compression Radio
Factory 452 iron heads
Long Tube Headers 1 3/4 primaries
3" Exhaust w/X-pipe
Summit 6401 Cam 224/234 duration, .466/.488 Lift, 114 LSA
Comp Cam Springs
Holley 750 DP
Mechanical Fan w/NO Clutch (no room)
Mechanical Water Pump


TF 727 Transmission w/2400 Stall
Ford 8.8' Rear w/ 3.27 gears

MAX HP: 279
MAX TQ: 356

I guess I was expecting more....dyno guy says 20-25% Power loss through driveline.
Thoughts?