According to rec.skydiving FAQ "However, by diving or "standing up" in free fall, any experienced skydiver can learn to reach speeds of over 160-180MPH. Speeds of over 200MPH require significant practice to achieve. The record free fall speed, done without any special equipment, is 321MPH. Obviously, it is desirable to slow back down to 110MPH before parachute opening."

If a falling human body can do it, I think a model jet could easily exceed 200 mph in free fall by a wide margin. Think about it this way: the motive force on a body in free fall is equal to its weight, ergo the 'thrust' to weight ratio = 1. Can an aircraft with a t/w = 1 exceed 200 mph?

Abel