The V-549 engine was originally configured as a large truck engine, and back when gas was 18 cents a gallon, fuel economy wasn't that big of a deal. The original 549 was rated at 250 hp and 500 lb/ft of torque at something like 2850 rpm [I have the IH Sales Eningeering Bulletins here in the house somewhere, but apparently my wife has decided HER filing system on MY stuff is much better than my own...so now I can't find them to save my azz]. But spinning a 549 much over 3000 isn't highly recommended. [Again,if I could find my IH literature that my wife "filed," I could quote from it.]
Later versions of the 549 were rated as high as 285 HP...so like you, I think 250+ hp at the flywheel ought to translate to something decent at the drawbar.
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