I certainly wouldn't say it won't work, it's done all the time in dyno rooms all over the world. I think you need to do some searching for home built dynos and the like. I know there are freeware versions of dyno software around that monitor most of the things you are looking for. I think Google will be your best friend at this point. Also search on data aquisition and I bet you find forums and lists that deal with it as a core topic.

Cool project, BTW. It sure beats speculating about things when you have the hard numbers at hand.

Mark