More TQ than HP???
I would not spend anymore money on the engine except to tune. You have a 4 speed transmission, I would spend some money on a set of 3.42 or 3.55 ring and pinion gears. Take it to a drag strip during test and tune to get some time slips. Post the info back here. I sure some one will have some answers comparing the time slip info and the dyno info as for why your hp numbers seem low. How is you timing curve set up? How much engine vacuum do you have? Check all of this to make sure everything is right.