Their is an absolute sh1tload more to it than just "power = xyz ET". 60ft, midrange vs topend, quickness of gear shifts, track conditions are just to name a few. An example would be last week I raced against an SAU member in identical cars whom I believe has about 50hp more than my car yet I was doing 4mph quicker TS than him, but he had a 0.2sec quicker ET. Using your theory he should have a higher TS than myself but the reality was he was nailing his gear shifts where as I was having difficulty.
Anyone that thinks 1/4 mile racing is as simple as dropping a clutch and putting your foot on the throttle for 400m is kidding themselves.