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There is another thread going on right now concerning torque and the Torqshift. Nothing about HP but then again, I haven't read anything about the HP capacity of these. Most are concerned about the torque because you'll likely reach your torque limit far before you reach any HP limit.
Ford doesn't rate them on a horsepower limit. They are rated on a torque limit. The limit is 1100 lb-ft AFTER the torque converter multiplies torque by 1.9:1.
Horsepower is a RPM x Torque / 5252. HP does not kill transmissions, torque does.
Also, like it was mentioned, a stalled torque converter (ie, full throttle from a dead stop) will nearly double torque.
A transmission rated for 800ft-lbs (not necessarily the torqshift) could take 600HP @ 8000 RPM all day long because that is only 393(/786 after the torque converter) ft-lbs of torque . While a 600HP @ 2800 RPM diesel would rip it to shreds, because that's 1125(2250 post converter) ft-lbs of torque.