There are two mistakes in your equation. First one, as suggested by lilliput, it is fan efficiency you have to use to get bhp. Secondly you can omit specific gravity as this is inbuilt in the equation.
1HP = 33000 ft-lbf/min = 33000 (cuft/min)x(lbf/sq.ft)
and 1 inch. wc = 5.192 lbf/sq.ft (this is where sg is included)
therefore, 1 HP = 33000 (cu.ft/min)x inches wc/5.192
which gives, 1HP = 6356 cfm x inches wc
So fan BHP = cfmx dp across fan/(6356xeff. blower)
PS: I HP is the amount of power required to lift a weight of 76 kgs to a height of 1 meter in 1 second. I don't know exact definition in IP units but you can convert to get the above said value.
Regards,