Why not just use a Gtech?? They're fairly accurate on quarter mile times and speeds, if you just need it for a tuning tool. Just plug in the numbers to a HP calculator online. The Gtech also gives HP numbers, but they are about 10-20% lower than chassis dyno numbers.
The only way I could see building a "cheap" dyno would be an inertia-style dyno like a dynojet. Basically a huge, heavy roller that you'd have to spin up....maybe off of a steamroller? After that, it would just be some math equations to get horsepower numbers, as long as your traction was good enough.