it would be the same HP, but not the same torque. yeo, so most have seen the HP=(torque x rpms)/5252, and what this means for the gearing is that the gears will change the torque the dyno reads as well as the rpms it reads it at, and the two will be 'cancelled' per-say, and the results will be the same. NO dyno really reads the hp you make. it reads the torque you make and then the rpm it makes it at. then it computes it to get th end result of hp.
you see, you can have ANY amount of torque = any other amount of torque. also is true with any hp...you can have any hp equal to whatever torque you want, the catch is the rate at which that torque is aliviated at. so, if you have 1hp, and are reducing the gears significantly, you could make 10,000 ft pds of torque!! BUT, that would be at .5 rpms. see?
(.5rpms x 10,000)/5252 is about 1 hp. so, i would say that torque is actually an arbitrary number, and hp to be the actual useful number. torque is only useful in finding hp, or finding where your most efficient hp is made at. otherwise, the hp is what matters. though many may disagree, i would venture to say they DO agree, but not in the specific way i may have said it....at least for th ecommon man. and now i am rambling and you get the point.