Hey, a cooling fan might not be such a bad idea. Better to be safe than sorry, right? Ever thought of some sort of a restrictive device to hook to the motor via the rear chain, so you could go through the gears and vary your speed? Might be a bit overkill if you are not planning to do very many motors but, on the otherhand. Just a thought. Need to make sure that the stand is stable (weighted down or mounted to the floor).
Later on, Bill
Motor stand
Now you're talking about something pretty close to a full-fledged dyno. They can be built from "junkyard" parts, but they are not usually cheap unless you can find everything used. An inexpensive brake or hydraulic pump capable of absorbing 30+hp is usually the hard part.
A cooling fan would be a must-have even if you were not able to put a load on the engine. I would suggest a squirrel-cage blower or similar. To just do baseline settings like idle and whatnot, the engine doesn't need to be under load. Hoewever, it does if you want to test the idle transition and mains.
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