The amount of air coming into the engine is directly proportionate to the power, varying depending on your AFR, air temp, flow restrictions, etc. I think you can probably get a rough estimate if you know the max power the Z32 maf flows.
According to
arc....html the Z32 maxes out around 550hp (not sure if thats crank or wheel, I assume it's crank). If you're seeing 51% of that, then the math says you should have around 281 hp. But that assumes the MAF output is linear with flow, so IDK.
Another method would be to figure out your lbs/min of air flow (based on displacement, boost and VE guesses) and go from there. My turbo calculator estimates your air flow at 34 lbs/min @ 6800 rpm, 16.6psi... It's a known rule of thumb that your power is roughly 10 * lbs/min of airflow -- so ~340hp.
Based on these 2 methods, I'm guessing you're in the low to mid 300s? You're right the only real way to know for sure is to dyno it! Interested to see what others have to say...