I don't think the wonky A/F readings are caused by either the pipe, the cam timing, or the carb jetting, per se. I suspect the dyno run was done with the "bypass" cold start enrichment system, AKA choke on. With stock carbs, the choke is literally cutting off air going into the motor. With a bypass, air goes around the slide through a separate passage, where it sucks up fuel from a separate jet. A bypass enrichment system is most effective when the throttle is fully closed, and has the least effect when the throttle is WFO.