So, I couldn't resist digging into the dyno math on this

On my Superflow 901 dyno, Volumetric Efficiency (VE) is calculated as follows:
200 X (1728 X cfm) / (cubic inch displacement X RPM)
So the tricky part here is that cfm has to be calculated with the cfm numbers shown by the dyno's air turbine(s), and then adjusted via the weather conditions to normalize the airflow to standard conditions. This requires the barometric pressure at the dyno, the vapor pressure at the dyno, and also the air temperature that the engine is ingesting. Most dynos will have that information printed in the results; did you get the full dyno sheets from your day there?
Here's an example from my dyno mule, that ran recently with my cylinder heads. The engine is 510.7 cubic inches, and we'll calculate the VE at 7000 RPM. The total cfm from the two airbells at 7000 RPM was 1028.9 cfm. Barometric pressure was 29.09, vapor pressure was 0.42, and air temperature going into the engine was 73 degrees. To correct the cfm reading to standard conditions, here is the formula:
Corrected Airflow = Measured Airflow / ((Baro prs - Vap prs)/29.92 X 520 / (460 + Air temp))
This works out to 1119.9 cfm. So, plugging that back into the VE formula, VE for this engine at 7000 RPM was 106.4%.
The source of error in this calculation is always the measured airflow. The turbines that measure airflow into the engine need to be precisely calibrated, and if they are off, this will dramatically alter the results. On my dyno, the air turbines are in the ceiling, and they connect to the carb inlet with a flexible foil tube. That tube can get holes in it during normal handling, and this will make the measured airflow read low, because some air will get in through the holes, thereby bypassing the air turbine.
One other comment; your parameter "ACFM" may be AVERAGE airflow, across the entire dyno pull. At lower engines speeds, VE will be lower, so using the average VE number and looking at the higher engine speeds would be misleading. But I think it is equally likely that the air turbine at the dyno is out of calibration, or that there was a leak of air going around the air turbine, leading to a lower than expected cfm reading.
And I hate to say it, but it is also quite possible that you ran on a "Happy" dyno, and the HP and torque numbers are optimistic. Hopefully not...