It makes you slower. Spending an equal time at an equally higher speed also won't catch you up. Example:
2 miles at 60mph=1 lap at 30mph + 1 lap at xxxxmph. Think about it, it isn't 90.

Also, since power to overcome drag goes up somewhere between V^2 and V^3 (I think the tunnel data said it was V^2.6 for lance) you're losing there as well.