Hey Stevecat! have you given up on this idea?, I was working on some stuff today that gave me a couple of really good possibilities.
I was working on a swimming pool pump today (25 HP three olympic size pools) and had installed a VFD (variable frequency drive) which is a speed control for three phase motors, anyways, while ramping this pump up and down, I could tell by some simple math calculations exactly how much horsepower was being used and came up with a definate curve on the pump that came remarkably close to the curve supplied by the pumpmaker.
My thoughts are to build a pump dyno using an electric motor with a speed drive on it, you will be able to tell the horsepower used and torque required and rpm on every possible scenario, it would be expensive though, you would need a 500 HP electric motor and a 500 HP VFD and the electrical power to run it, but could be done...The problem is I don't think you could dyno enough jetpumps to pay for it....

A while back (several years ago) I was breaking in an engine on the lake tied to a dock, I was kneeling alongside the engine running the throttle by hand on the carb. and was not really paying attention to my surroundings, I looked up and me, the boat and the dock I was tied to was about 100 Yards off shore (whoops), so what ever you tie the boat to, make sure its up to the task...
BTW, my dyno is my ass in the seat at the lake with a GPS and a vacuum guage

GT