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An Alternative to the traditional Dyno wold be a sensor in the drive wheel or drive shaft that measures the real time torque and RPM in real world conditions.
The companies that I know of that will make such devices for you are in the $10,000 to $20,000 range ... that same amount of money would buy lots of dyno time... and such a device would be specific to that wheel and or shaft ... it could only be used on other vehicles using the same wheel or shaft.
Either way you still need accurate fuel flow rate measurements... measurements that are celebrated for the conditions properly ... things like temperature , pressure, etc.
The other thing I would add to the list not already included by others would be a calorimeter to test the energy content of the fuel being used ... Consistency in testing is important ... the energy content of that gram of fuel is a potential source of error if it is not accounted or tested for... a non-quantified 1% variation in fuel energy content would limit the entire systems accuracy to less than 1% accuracy... there are a variety of factors that can alter the energy content per gram of fuel by more than 1%.
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