Since I'm in the midst of researching this sort of stuff I thought I'd pass along some "advertised" HorsePower specs I've come across...I think everyone will agree that a 2 cycle engine will just "Feel" different than a 4 cycle engine...But here is some specs if they help any??
A few Popular Old School engines that may have been used "Back in the Day"...(Not a complete list) :
YS 45FS/FR = 1.5HP
OS 61 RF-P (Not Hanno) = 1.85HP
YS 61R LS = 1.85HP
OS 61 RF-P "Hanno Special" = 2.0HP
YS 61R-AR = 2.0HP
New Technology Engines:
YS 63 = 1.6HP
OS 61 FX = 1.95HP
YS 110 = 2.1HP
Plus...fuel/prop combinations will obviously vary, how you tune the pipe, atmospheric conditions ect...Maybe too many variables to really be useful information?? (I'm full of useless info!!

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Anyhow...For what it's worth...