Found it

Seems a simple timing issue is where my missing HP/Torque were hiding.  We ended up with 12deg BTC for initial timing, went 4% leaner on the Carb and got the following results

In case you can't read this, it shows 250hp@4300rpm and 350 lbs torque @3000rpm.

Dyno day is done - engine is going to now sit in the garage for quite some time.  I have begun scraping the 42 year old undercoating off the body - this will take some time.