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Interesting. I'll have to try this with my car and see how it compares to my dyno sheet.
Don't hold your breath though, I don't have anything to log with yet.
In the Subaru world, the logger that most people use (RomRaider) has a virtual dyno feature that calculates horsepower based on mph and the weight of the car. I haven't had much luck with it because it needs a smooth level road to get good data, but the theory is sound. If you're handy with Excel you could do the same thing. In fact I think the logger feature was inspired by a spreadsheet that did it first.
HP Tuners calculated torque and horsepower seem to be a little higher than STD or SAE Dynojet numbers but more than say crank horsepower. Seems to be in the middle.
In my case, I believe it to be very close to actual wheel horsepower and torque. When I baselined my G8, it dyno'd 340whp and 345wtq. With the Torque PID and horsepower math it was 345whp and 350wtq. My Vette dyno'd 425whp and 400wtq. I added 1 degree of timing and Torque PID and horsepower math were 440whp and 410wtq.
I have an inclination of the extrapolated graph.....seems to be reading high.
Here's one example of LG's implementation - LS6 and couple of boltons utilizing their Long Tube headers.
With the Standard drivetrain loss factor.....for BHP we're talking ~465. This is not that far off from my projected 456.
Therefore, relatively decent estimate, with few variables up in the air. Could be a really good way to compare numbers, if and only if you can obtain consistent readings.