That question is retardedly vague to be answered accurately. If you want to know, why not do it for yourself?
EVERY engine responds to mods differently, there are almost infinite factors that affect the power, even down to the temperature and humidity during the test. In fact, anything less then a 5-10hp difference could be accounted for in dyno error.
On the question of the exhaust valves, running without an exhaust manifold can crack valves. This is because, if ran long enough, you can heat up the valves a decent amount, if you then shut off the motor, cool air can reach the valves, and possibly crack them due to rapid temperature change. The susceptibility comes down to port and head design, as well as valve placement.
EVERY engine responds to mods differently, there are almost infinite factors that affect the power, even down to the temperature and humidity during the test. In fact, anything less then a 5-10hp difference could be accounted for in dyno error.
On the question of the exhaust valves, running without an exhaust manifold can crack valves. This is because, if ran long enough, you can heat up the valves a decent amount, if you then shut off the motor, cool air can reach the valves, and possibly crack them due to rapid temperature change. The susceptibility comes down to port and head design, as well as valve placement.