It's entirely possible.
But here is the last actual dyno, but this was on the SVT IM and not the FRIM:
Basically if you want to use MAF data you have to Multiply the air flow by your Lambda at that air flow. So if you're taking in 15 #/min and are running a 0.82 Lambda, you can say you are making the power of 12.3 #/min ... or ~123hp (the hp #'s are actually based of CFM, which is #/min * 10 roughly).
I pull, on the top end, about 26 #/min worth of air and am shooting for a Lambda of 0.82, but it goes a little rich at times still, 0.80.
If you know how the math works it's a very good and accurate way to estimate power.