Carpenter 240 dyno question

So 207hp and 166 torque really needs a good tune.
So a guy is selling a Rocket that supposedly has a 240 kit on it making 207? Obviously something is wrong. I could understand 10 hp off the advertised number but that much short is a problem. Find the details of the build and tune.
 
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The bike and dyno graph
 
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It needs about 8 hp worth of fuel for a start. Mixture is very lean . Then change dyno setting to std instead of sae. Now you're up to 218-220. Add 7 to 10 for race fuel, add 5 for taking off air filters. Pretty close to "advertised" 240.
 
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Just looked at it on my comp(phone sucks for pictures) talking about where it enters the megaphone or is just the picture????? if it is restricted at that point it would account for the low numbers.

It needs about 8 hp worth of fuel for a start. Mixture is very lean . Then change dyno setting to std instead of sae. Now you're up to 218-220. Add 7 to 10 for race fuel, add 5 for taking off air filters. Pretty close to "advertised" 240.

If we look closely at the carpenter pipe it looks like somone welded the little header flanges of the OEM pipe to the exhaust. Where is the big ugly aluminum manifold and the high horsepower springs ? Or are we restricting something here ?
 
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