Good idea dave....
Infact I started to mention the Wing AT-6, but noted in the rules that its not eligable. Although, round cowls just tend to gather air and slow things down, with some TLC you can minimize some of that effect.
I have a Wing AT-6 in the hangar with a SJ-46 on it. Its pretty quick, although I've never had it on a gun. On the course (just goofing around) it will fly the 2.5 mile long course in the 1:25 range on the right day with the right prop. About competitive with the CAPS quickies. Your estimate is about right..... somewhere in the 125 to 130 range.
I believe my VQ P-51 flys in the 110 to 115 range, but the structure on the ship can not withstand that for long (stab visably starts to flutter). Not too bad for an inexpensive ARF though. SJ-46 on that one too, turbojett muffler in the cowl. I rarely fly level at full throttle with that bird. In fact, I run a 12x4 to intentionally slow it down.
Here is a P-51 more up to the task. SJ-50, 9x8 MA prop, turns 18K. No speed data, but the owner Paul Geders tells me he wins about 95% of the races in the St. Louis area with it. My guess is it is faster than my AT-6. I am not sure what kit it is, but I am sure I can find out if you wish.
I don't think anyone ever flew one of these at Reno... but look at this
http://www.skysharkrc.com/me109e.htm
at 710 sq inches.......you can run a 90L on it. High aspect ratio wing.....fairly light weight... retract gear.........take off some of the window dressing, and I bet you can make this thing really move! I have flown two of the skyshark designs so far, and although I cant guarantee speed, I can tell you they both flew great and were very well behaved.
At least it was something that in war time kept up with the Mustangs.....definately qualifies for your fighter class!
btw...how picky are they on scale looks and dimensions ?
Because, techically, you could fly a QM40 mustang ?? Kinda out of the spirit of things I guess
Bob