we built one in my engines class in college for our ford 3.0's we were rebuilding. just made a stand out of 2x4 rectangular tubing, and mounted a transaxle to it with all the mounts. used a radiator/fan from a taurus, a little box with a toggle and pushbutton switch, then a hand held pressure guage for oil pressure, and an infared temp gun for water temp...
worked great!
if it's possible (i'm sure it is) make that K-member removable and get 2 of em, a small block and a big block K member so you can change em out for different motors. if you have a P.A.W book, look in there, theres a test engine stand for sale for $600
you could look at the pic and get an idea...
good luck! let us know how it comes out if you do it!