There's a hydraulic dyno DIY build on youtube, General hydraulic pumps don't like to turn too fast, you can run the hot fluid through a standard cheap radiator.
I was thinking of a simple hydraulic dyno, then I saw a video of a dyno using a lorry wheel setup, the advantage of this is a massive heat sink, late ford cargo uses a disc caliper on the front, this can be used and then you can use a thin hydraulic fluid with a fairly accurate pressure gauge, the ABS ring for rpm pick up, I could probably knock one up for £500, there's another video of a shop using a brake disc dyno with a strain gauge for accurate results. They use a calibrated 1foot bar with the strain gauge on the end, this gives ft/lb torque
Brake disc dyno example:
There's even a diy dyno website.
I would love to make one, but I have other stuff I need to finish as well as the 'fun kart'