I have been watching this thread, but have resisted making any comments until I could see where it was headed. I will mirror some of the points Keith made.
I do a far lower volume of engines than he does - or SA. I actively sell every customer on dyno testing these for the exact same reasons - you simply can't identify all possible issues, and verify that you are delivering a good product without a true load test.
As hard as we work on getting them perfect, I have found both water and
oil leaks when they've gone on the dyno - and they are easily fixed there compared to fixing them in the car.
Oil leaks tend to become visible when you have crankcase pressure - and you only get that when the engine is making power.
As well as the technology and parts changes over the years, we must remember that this is a still a 40 year old piece of architecture. It's just like building a flathead was in the 1970s. Our expectations for engine performance, appearance, reliability, and fluid retention are far higher than they were when the engines were new. That is not at all a "bad thing", but it does pose a greater challenge for the builder.
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Survival Motorsports
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Engine Masters Challenge Entries
91 octane - single 4bbl - mufflers
2008 - 429 cid FE HR - 675HP
2007 - 429 cid FE MR - 659HP
2006 - 434 cid FE MR - 678HP
2005 - 505 cid FE MR - 752HP