Jens Voigt knocked out the effort to cover
51.115km, in Exactly an Hour on a track bike .. speed .. ...it really is about the work you put out.
you just need the right gear ratio for the purpose ..
120mm rear dropout , you are talking 5 speed freewheels a 30 year old frame and a 1, 2 or triple ring crank , turning it back into an old fashioned, 5/10/15 speed.
though there is the Internal gear hub option still, Sturmey Archer Hubs can be made up with quite narrow widths. 3 & 5 speed..
build the wheels up with racing quality rims and expensive tires to lower the rolling resistance ..
I have a 3 speed IGH and a 2 speed internal gear Swiss made Crank, the 250% of mine has the same 3 ratios used twice for 6 widely spaced gears.
there is also a 1.65% overdrive crank both from the Swiss shop, and the Patterson Metro, from Asia.
then the chain never moves off the front and rear chain-wheels .
It's the hub shell turning slower or faster than the cog and the chain ring turning faster than the crank arm because of planetary gears in the components.
History Note, they time trial-ed in England on 3 speed bikes , again, about the effort, not the miracle of magic parts.
Unless I'm missing something ..
Air resistance..
Do the Math .. http://physics.ucsd.edu/do-the-math/tag/air-resistance/