I think you're referring to the Lambert speed study. My mechanic in Arlington, WA, showed it to a fellow who develops speed mods for a living (there are several in Washington State) and it gave him a good chuckle. After some analysis he determined that if I had a faring behind the wheels that extended to the flaps I might get 3mph more. Needless to say, I passed.
There was a fellow who developed a complete clam shell door mod for Cruiseairs. He also performed several other modifications - micro ballooning the wings, putting the position lights into the wing tips (carving out a notch and covering it with plexiglas), embedding the horizontal stabilizer position light, and such. It was claimed he achieved a max level speed of some 176mph. Then he moved to Mexico and vanished from view.
Another fellow at Santa Paula wanted to develop an STC for the clam shell doors for Cruisemasters, but perished in a test flight aimed at testing their integrity at Vne. I believe it was a prop separation accident and had nothing whatsoever to do with the doors. No one pursued the STC effort further. I'm told the molds are still laying outside at Santa Paula. I have an uncut pair of these "doors" (they cover the gear and the wheel well) that came with my 14-19 but I know I'll never use them. You'll see them from time to time on Cruiseairs.
To my mind it comes down to this. Some triple tail owners have much in common with the Swifters - they don't object and, in fact, embrace modifications to their airplanes. Some prefer original, and don't want farings, carved up Cessna 150 wheelpants, or anything of the kind added as they feel it spoils the airplane's looks.
Fact is that with handmade aircraft like ours, adding decades of use and variations in storage environment into the equation as well, the speed differences between individual examples are perhaps more pronounced than any other types in general aviation. Your Bellanca is as fast as your Bellanca is. There are so many qualities to Cruiseairs and Cruisemasters that distinguish them from the pack. Plus or minus a few miles per hour, to me, really doesn't matter a whole lot.
Jonanthan