This stuff is all fairly technical, and based on 25 years of data analysis of Ford sixes and V8's
Right now, I don't know what I've got, but is sure more than the 115 hp at the rear wheels I got in November 1998 when my 1984 Alloy head 4.1 XE Falcon was last dyno'd. Thats around 150 ponies at the flywheel.
Spec then was 500 cfm Holley #2300 4412 carb on adaptor to stock 34 ADM Weber manifold, no extractors, LPG Impco CA 300 A1 348 cfm propane carb with 2.5 inch adaptor to sandwhich the two together. Did 23 Imperial miles to the gallon after that on the open road, a 20% improvement on the old dual fuel figures. Motor is +30 thou over with ACL shallow top pistons. Gear box is silly old BW 35 auto with 2.77:1 diff and it weighs 3165 pounds all up with full tank and no passengers.
Since then, it's had major intake work, extractors and K&N filter. Now it's much nicer around town with tyre smoking torque, and revs freely out to 5300 rpm with the stock economy cam.
I've done a book search on credible sources of horsepower. The best you can expect from a mildly modified Aussie Alloy head carb motor with stock head and minor intake work, a sub 270 degree cam, and extractors is 146 kW (196hp) according to the old Falcon XE racer Dick Johnston. This is due to cam and flow limitations. There is at least another 65 horses hiding if you are prepared to raise the rev range to 6000 rpm and wack in a 650 cfm Holley on a good four barrel manifold. Peak power with most 280 degree cams is around 5500 rpm, but theres lots of crankshaft windage and side loads with the 5.885 inch rods are close to 400 Chev proportions. Some have claimed after market 4-bbl's can reach 290 hp, but thats not substaintiated by any second party.
As an estimate which shows if people are telling lies , half truths or being conservative is to do the floowing:
Take the cubic capacity of the motor in question, multiply it by the peak power rpm (10% of the maximum safe rpm for the engine) and divide it by one of the following factors:
7000 if your six is box stock,
6000 if its got a good street intake manifold and exhast,
5500 it is worked with a cam that is over 260 degrees and gvery good breathing,
5000 if it is worked to an expert semi-race spec and
4500 if its a full-house, gas flowed, carb'd 300 degree + cammed motor. An electronic injected motor with Hillborn-style induction, very long rods, short stroke, and an A3 NASCAR/Cleveland style head that really flows might hit the 4000/3500 mark.
This gives SAE net (installed) power figures and works for most six and V8 motors.
Example 1 is a stock US 1980 3.3 Mustang that may have run to 3500 rpm for maximum power and around 4000 rpm maximum rpm. 200 cid*3500 rpm divided by 7000 equals 100 hp...you can't hope for more than that. Dropping the emissions equipment would probably add a 15% increase to the power of a stock 3.3 from its lowly 83 hp to about 95 hp. (I can't remember exactly what the figures were cause I'm not American, and we don't have periodic inspections for emissions gear in NZ).
Example 2 is a guy who says his heavily worked 250 gives 290 hp with one 4-bbl and a 300 degree cam. Max revs stated was 6000 rpm. Max power likely to be at 10% of maximum revs, which is 5500rpm, so 250*5500/4500 = 306 hp. Likely to be true then.
Example 3 is my project motor, a 228 cube destroked 250 with 221 crank, long Aussie 3.3 rods, and +56 overbore for 305 pistons, 305 valves , and 280 degree, 500 thou lift cam, and carby that can flow 432 cfm. Spec sheet says power at 5500 rpm, so likely maximum power is 228*5500/5500 = 228 hp max.
Example 3 is a 170 with a gas flowed 265 cfm 32/36 DGAV or Weber Holley 5200 jug on it, and a rev range to 6500 rpm. Max power is likey to be 170*5900/6000. 167 mighty horses possible!
If you get the maximum carby cfm rating at 1.5 inches of mercury, you can divide that by 1.6, and that'll give you the maximum likey power. A Holley 5200 is rated at something like 265 cfm at 1.5 inches, which gives you 166 hp when divided by 1.6. Often, a manifold will loose well over 10% of the bulk air flow, so that 166 hp could end up less than 151 hp.
My first Impco carb could give 216 horses at 348 cfm, and 270 hp if replaced with a 432 cfm job. The intake would loose about 15 to 20% power 'cause it's not a great flow-er. The cam is a low jumber with little duration, so it wouldn't flow any where near 180 hp, let alone 216 hp. So-called 320/350/500 and 650 cfm Holley 2-Bbl #2300 were rated at 3.0 inches of mercury pressure drop, so they flowed more air on paper. These should be factored back to by dividing by 1.41, then divided by 1.6 to get likely maximum power.
Hope this helps some body