Yes, but power = torque x rpm, and it's power, not instantaneous torque, that determines how fast you can go. That's why high performance motorcycles and cars have engines that turn higher rpms and shorter piston strokes. Riders that use longer cranks also tend to mash bigger gears and turn lower rpms so they actually go slower. I just love to get into a sprint situation in a road race with some time trialist gear masher type, and outsprint him in a much lower gear that I have trained myself to spin at a higher RPM with 165mm cranks. Granted, were talking only a 3% difference here between 165mm and 170mm cranks, so the average person will not notice any real difference.