Jim
I'm just making some wild ass guess here but have you ruled out
some kind of detonation issue?
It can cause some goofy egt readings and I have seen photos of
some pistons ( yours, Jeff's and a couple more on line ) that look
a little suspicious around the edges?? Really hard to tell much in a photo.
If you still have access to the dyno I'd be trying some different fuels 
even though
it isn't legal, strictly as a diagnostic test.
I have no clue how that engine gets ignition timing??? When is it firing 
compared
to the 494 engines?
Squish band ??....how much clearance do those run between the piston
and head?
Maybe stick a stock manifold and pipe out of a sled on it and see what
kind of numbers you get then.
This will probably be one of those deals that the light will suddenly 
come on
and you'll wonder why it took so long.
Dave Phaneuf
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