I suspect it's very hard if not impossible to work out the actual maximum. Once you add a lot of promoted queens, say, it starts to get difficult to prove the position is legal (i.e. a proof game exists). I think you would have to resort to trial and error and then keep trying to improve the best result.
Position with most possible moves
you may well be right, legailty is not so much of a problem if there are no pawns. bajillions is right though...
Maybe computational brutality could do it? (Write a program that checks every possible legal position).
I would be kind of surprised if this has not been done. I know that there are a bajillion positions that can be achieved but technically the number is finite. A program left running for a long enough amount of time would find it.
I've seen the numer of total possible chess positions at 10^40.
The mass of the observable universe is around 3*10^52 kg.
yes, a program left running for al ong enough time would find it -- but we'd likely first answer the question of if our universe is going to collapse in on itself or die a cold death first.
A good place to look would be in Tim Krabbe's Chess Curiosities site.
A quick search found me a position (from a real game) where Black had 79 moves at one stage, there may be something else if you are prepared to scratch around.
http://timkr.home.xs4all.nl/records/