Hmmm.
I'm not going to talk about the diagrams, because they are not specific for a prop plane and I think it will confuse the issue for me. Badboy can explain the math.

Lets look at it in a situation. You and I are in P47's, roughly co E in a tail chase. We are both at 10k and 200 IAS. We both have excess power, since our planes will both do about 375 MPH at this altitude in WEP top speed. The point is that the Jug and it's prop will more efficiently convert it's extra power into altitude or speed when it is moving faster than 200. Lets just assume for a minute that the magic number is 350 Mph, WAG. (Wild Assed Guess) So as you stay level and accelerate you are transferring your excess power into energy at low efficiency. I use a 0G dive to get up around 300, and then zoom gently back up to your altitude. The closer my plane gets to the 350 number, the more efficiently I am converting my excess power into speed or altitude. You are still struggling along at a lower speed that is even less efficient, so you are converting that excess power to energy at much lower rate than I am. I am gaining energy on you, mostly in the form of speed, and closing on you.
Now lets say I have done this once, but I am not in guns range. Now I am not at my most efficient speed anymore after the zoom, lets say I fell back down to 275. I again use a shallow 0G dive to accelerate, this time to 350, and then begin a gentle zoom back up to your altitude. At this point I am now flying very close to the most efficient speed at which the Jug converts excess power into speed or altitude. You have not accelerated as quickly, since you have been flying at a slower speed and hence a less efficient speed for converting your excess power into energy in the form of speed or altitude. I can keep doing this and keep gaining energy on you as long as you are not at your most efficient speed for converting excess power to energy. Once you reach 350 Mph at 10,000 feet, you are now converting your excess power into energy at the most efficient rate, so I can't make this trick work anymore. What now?
Ok, now lets say I have done this twice, and gained on you, but not quite enough yet. You have, by this time, reached your top level speed at 10k of 375 MPH. Now, that number is over your most efficient conversion speed of 350. By the same logic I should now be able to zoom gently at 350 Mph and gain E on you. I will fall behind because of speed at first, but at this point you are not gaining energy, and I am. If I climb at 350 while you run at 375 level (you have no excess power at this point), I will be gaining energy in the form of altitude. If I have time, I should now be able to use another 0G dive to accelerate OVER 375 Mph and start catching you again. Now this may not work as well due to higher drag and what not, but I am trying to illustrate the point.

Now, at the time where you reached 350 Mph, your most efficient speed for converting excess power into energy... you could have held me at bay indefinately. If you simply set auto-trim for speed at 350 Mph and let the plane climb at that speed, there is nothing I can do. I am screwed, and no matter what I do I will not be able to gain energy on you. You will have to turn, speed up, or slow down in order for me to have any advantage to exploit.
The trick is, how do we find out what that number is? Badboy, can you suggest a test method that might allow us to find that number? If you know the speed at which your plane converts excess power into energy at the most efficient rate for a give altitude, you can maximize your performance and either close on a similar bogey who is not maximizing his plane, or keep out of the guns range of somebody who is.

Clear as mud?

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Lephturn - Chief Trainer
A member of The Flying Pigs
http://www.flyingpigs.com "A pig is a jolly companion, Boar, sow, barrow, or gilt --
A pig is a pal, who'll boost your morale, Though mountains may topple and tilt.
When they've blackballed, bamboozled, and burned you, When they've turned on you, Tory and Whig,
Though you may be thrown over by Tabby and Rover, You'll never go wrong with a pig, a pig,
You'll never go wrong with a pig!" -- Thomas Pynchon, "Gravity's Rainbow"