Curious125,
I think it is a good idea. Anyway, here is what you need:-
1) Mass Air Flow sensor or Temperature+Manifold Absolute Pressure sensor (you have to choose either one)
2) Throttle body (cable or drive by wire) with potentiometer inside
3) Crank sensor with lots of teeth while at the same time having few missing teeth
4) Fuel injectors
5) Distributor or distributorless ignition coil
6) Lambda sensor
With these sensors and actuators combination you can have a pretty good closed loop engine control system. Of course, you can add in knock sensor, outside air pressure, coolant sensor, etc. to get your system more interesting.
Next you should get a programmable ECU and a Modac. If the engine is only for dyno and you really love programming, you can program your pc and buy the module to get all the sensors and actuators connected.
I personally love dynamic system because it gives more freedom in various operating conditions for example desert, rain, alpine, snow, etc. With the map based system, it needs to refer to the mapping and you will have to do a lot of parameter adjustment to adjust it to the operating conditions.
AO