Remember that u can get any speed with any power. U just have to see what are the physical barriers and try to overcome them.
For sample, here in brazil a college has developed a car with a 1.0 liter engine turbo, running 180 hps, and that can do 300 km/h on a test track. They did not run with it yet but they will, or i don´t know if they had already ran and i am not noticed about. It´s the fastest 1.0 liter car in the world.
So, if u can keep with very light materials and low height cars, why can´t u get 300 or more with 200hps or less? Power is nothing. The whole car it´s the difference, it´s weight, height, suspension sets, gear ratio sets.
Even in GT4 demo i couldn´t see some realistics on it. Seeing the Nordschleife lap times board here in this forum, the fastest time with the Falken Skyline was in the house of 6:50 , when in real life it´s time is around 7:30 seconds. It´s hard to make a car that would be hard enought to drive over the limits so u would stay in your best run, in the 7:30, i mean, in the PD programmers view.
The same in GT3. Maybe an excelent driver would go under 7:20 with the Falken one in real life, but 6:50 i guess it´s impossible. Maybe with some modifications as a better engine, stiffer suspension sets, better tires, u could go ya 6:50.