Well 361NP still seems a bit high to me but at least it's *possible*. The 401 was simply not believable unless you lapped the field and even then not really. Still, that kind of power ought to get you better than 4th in a Cat 3 race! You could have just solo'ed off the front at 350w and held it for an hour all the way to the finish and there's no way they catch you, or you could have just held 380 for the last 20 minutes and there's no way they catch you,... the possibilities are many. That's some serious wattage! It's comparable to the best riders I know and I live near a lot of superstar riders -- ex Olympians, national champs, ex Tour riders, etc. Not saying it's for sure wrong, but it makes me at least a bit skeptical, *especially* because it comes from a Powertap so is downstream of the transmission losses. When comparing to the pros, most of whom use SRMs and Quarqs, you need to add about 10 watts, so you're at 370NP for an hour. That's a lot.
Anyway, here are some things to think about:
(1) Turn Smart Recording off. You don't need it and it can screw things up.
(2) TrainingPeaks is in fact independent of the zero average setting on the Garmin. The zero average setting does not affect the way the data is recorded, just the Garmin display.
(3) RapDaddyo is incorrect in saying that if the watts column goes to zero then the PT is reading correctly. If the watts column goes to zero then the zero offset is set correctly but the slope could easily still be off (and this is reasonably common).
(4) If the PM is reading correctly I think your FTP is likely around 350 or even a little higher on your road bike. Some might say 360 but then there's sort of a 5% margin for a very stochastic road race so 350 seems about right. It would be reasonably common for you to not be able to quite achieve this on the TT bike.
If it were my PM I would probably stomp test it at this point. It takes only about 10 mins. If I had to guess I'd bet it's reading maybe 5% high. If you don't want to do a stomp test you could either send it in, or weigh yourself and the bike right before leaving and then time yourself climbing a big hill (the bigger and steeper the better). If you send me the file I can tell you if it's reading correctly.