I totally agree. The engine actually made closer to 195 WHP without detonation. Backing off the timimg 3-4 degrees (for safety) knocked close to 15WHP off.
Here are two plots. Both engines are L28s with an N series head. They both have similar intakes and exhaust systems (headers, 2.5" exhaust). The both have a stock camshaft. Both have EFI. The only difference is that one motor has flat tops, the other has dished pistons. WOT ignition advance was set just below the point of detonation.
Granted, the engine in the bottom plot is running too rich, and this can explain some of the HP differential. Anyway, it is a good comparison. Same day, same dyno.
Pete