After reflecting on the above for a while I realized that a vehicle with a 4.11:1 axle ratio will accelerate faster than a vehicle of the same bhp and weight with a 3.73:1 axle ratio. Also, a vehicle in first gear will accelerate faster than a vehicle in second gear. And finally, a vehicle with small radius tires will accelerate faster than the same vehicle with larger radius tires assuming there is adequate traction. If a dyno merely measures the acceleration and velocity of the drum to calculate power and torque then lower overall gearing would result in greater performance.

These two cars, one with smaller gears than the other, would have the exact same horsepower at the crank (as you said) and the same torque. The reason the car with bigger gears would accelerate faster is because the bigger gears make for more torque AFTER the gears (but the same at the engine). It's making the "momentum arm" longer.

A similar example would be having a person use the same force to push on a one foot wrench compared to a two foot, at the persons arm (engine) the force is the same, but on the nut/bolt (wheels), the torque is doubled (effectively).

Horsepower generally isn't as important as torque for doing work, since work is your kinectic energy times the distance moved, you can move something farther with the same kinectic energy by using leverage (torque).

BUT the two (power and torque) are related by the equation power = work divided by time.

Just figured I'd show you how to factor torque into your logic

EDIT- I just reread what I said a while ago, dont even remember writing this, but I noticed I said something incorrectly. Torque may multiply applied horsepower... but you are sacrificing distance moved (you move that 2 foot wrench further than the 1 foot wrench) and the distance and force is directly proportional. If you increase torque you decrease distance and so work goes unchanged (makes sense, since you arent adding any energy, just applying it differently, so same work done). Just thought I would correct myself. the reason torque is important is because its the application of power, not application of work, same work done, power is just used more efficiently.