You've made quite a lot of mistakes in your math, some less severe and some more severe; you may want to think about these.
Notation mistakes
These mistakes are not so severe; we can still tell what you're talking about.
The unit of energy you're talking about is called the "foot pound" or the "foot-pound," not the "foot/pound." A foot pound is a foot multiplied by a pound. A slash in a unit indicates division, so a "foot/pound" is a foot per pound, or, in other words, a foot divided by a pound.
You can abbreviate "foot pound" as "ft lbf," but certainly not as "f/p."
Note that in the phrase "food pound," the word "pound" means "pound-force."
Unit mistakes
These mistakes are more severe; as a result of these mistakes, your calculations are completely wrong.
Let's go paragraph by paragraph.
So to start I found that a unit of horsepower is the amount of work required to move 550 pounds 1 foot every second.
That's correct.
Then I wanted to find out how many foot/pounds of force gravity places on 1 pound of material.
There's no such thing as "foot pounds of force." Foot pounds are a unit of energy, not force. You can ask how many foot pounds of energy, or how many pounds-force of force (or just "pounds of force" for short), but not how many foot pounds of force.
With a static acceleration of 9.8m/s (32f/s), it seems that 1 pound has 32 foot pounds of gravity acting on it.
There are two mistakes here. The acceleration due to gravity is $9.8\ \mathrm{m}/\mathrm{s}^2$ (meters per second per second) or $32\ \mathrm{ft}/\mathrm{s}^2$ (32 feet per second per second), not $9.8\ \mathrm{m}/\mathrm{s}$ (meters per second) or $32\ \mathrm{ft}/\mathrm{s}$ (32 feet per second).
The second mistake is that you've changed feet per second into foot pounds. A foot per second is not the same thing as a foot pound.
There are two ways of saying this correctly:
- 1 pound-mass has 1 pound-force of gravity acting on it.
- 1 pound-mass has 32 pound-mass feet per second per second of gravity acting on it.
Now for my equation:
Hp = 550 (f/p)
Gravity = 32 (f/p)
Hp / Gravity = 17.1875
The numbers are correct, but since the units on the first two quantities are wrong, the units on the last quantity are wrong, too.
With the correct units, the calculation is:
$$\text{Power} = 550\ \mathrm{ft\ lbf}/\mathrm{s}\\
\text{Gravity} = 32\ \mathrm{ft}/\mathrm{s}^2\\
\begin{align}\text{Power} / \text{Gravity} &= 17.19\ \mathrm{lbf\ s}\\
&= 17.19\ \mathrm{slug\ ft}/s\\
&= 550\ \mathrm{lb_m\ ft}/s\end{align}$$
(No need for more than four significant digits of precision.)
See the definition of a "slug" on Wikipedia.
So the correct interpretation of this result is that one horsepower is enough to raise 17.19 slugs (equivalently, 550 pounds) one foot per second; or 1 slug 17.19 feet per second; or 1 pound-mass 550 feet per second. This calculation is good for raising the mass using pulleys or something; it doesn't work for aircraft.
So it seems 1 hp can hold 17 pounds in the air
Here you've made yet another mistake: the result of your last calculation was the unitless number 17 (and it was supposed to be 17 slug feet per second), but you changed that to 1 pound.
I don't think you made any other mistakes besides these.