If all out speed is the goal what do you all think about having an airframe with eject-able wings? Ok don't laugh I'm just throwing the idea out there, so imagine a sleek airframe that would take off normally, hand launched or with wheels and after it gets air-born it would achieve its "high drag" top speed, thats when you hit a switch on your transmitter and eject the outer 75% of the wings and fly it like a missile with maybe small ailerons close to the fuselage. After this "missile" expends all of its fuel you hit the other switch on your transmitter and a parachute is ejected from the rear of the fuselage and the aircraft lands like a one of those R/C parachute rigs.
How much more speed do you think could be achieved by eliminating a chunk of the airfoil at high speeds?