Thanks for your replies:

I looked around for a site and found a good one ( http://142.26.194.131/aerodynamics1/Drag/Page1.html ) that explained different types of drag and their causes. From what I gathered, induced drag will go down with speed (and the decrease in dynamic incidence associated with a lower speed) as Ken and BigPlanePilot said. As I see it, as the speed increases the dynamic incidence of a fully symmetrical airfoil will approach 0 degrees; therefore, the induced drag will approach 0 as well. From what I can tell the biggest portion of the drag at speed would be pressure drag created by blunt surfaces which can be fixed by streamlining. A reduction in cross section would also help as BMatthews said. Could any significant gains be achieved with a smaller "wetted" area?

With a big enough engine, drag really doesn't matter very much. Unfortunately for me this won't help since it'll be a 1/2a.

Thanks