Reno is only about 5,000 feet. Altitude for best airspeed for an optimal piston fighter is on the order of 20,000 feet. There were piston engine airplanes flying in 1945 which could touch 500 mph.
To look at what can be done with props, take a look at the Tu-95. 570 mph. That's a huge bomber with ~10,000 mile range.