Check out performancetrends.com they have what you need to make everything you explained happen for relatively low cost. Low cost 4 channel data loggers, dyno software capable of torque arm managemant, sensors, thermocouples etc.

I have a similar project in the works however, mine is going to be a much more elaborate inertia dyno designed to test 50-200cc gas engines. I have used performance trends in the past to equip my nitro engine dynos.

BK
nitrodyne systems
www.nitrodynesystems.com