This figure compares maximum horsepower and engine displacement. There's a pretty obvious linear relationship between the two. Most engine models with the same displacement generate about the same horsepower.

I've identified most of the important engine families on the figure. A vertical sequence of dots typically represents the development of a particular engine (e.g. Merlin or Double Wasp). Some of these sequences are rather large, indicating how far some good designs could be stretched with better fuels, better supercharging, and internal strengthening.
But there are clearly some outliers. These include Continental's X-1430 experimental engine (based on Wright field's "hyper cylinder"), Rolls Royce's Eagle and a few very late model Griffon and Merlin engines. There's also the Napier Sabre VII. All of those are liquid cooled engines. Among the air cooled engines, the outliers include an E model of the Double Wasp, and Wright's turbo compound Cyclone 18.
Speaking of differences between the performance of air and liquid cooled engines, there appears to some systematic differences that vary over engine size:
For displacements under 2000 cu, it appears that liquid cooled engines enjoy a slight advantage over their air cooled brethren.
From 2000-2500 cu it looks like a toss-up.
From 2500-3500 cu, the air cooled engines have the advantage, but there are only a few liquid cooled engines that large.
Among the monster engines--all post war models-- there are two liquid cooled French designs (Arsenal's 24H and Hispano Suiza's 24Z) and two air cooled designs (Pratt and Whiteny's Wasp Major and Bristol's coupled Centaurus). To my knowledge, the only one of these engines produced in quantity was the Wasp Major.