Steven,
You're right about the Hellcat's performance being equal to the F4U's. These two aircraft had almost identical performance when they were equipped with the same engine and propeller. The only edge in speed possessed by the Corsair was at altitudes below 5000 feet, and this was mainly because its supercharger operated differently than that of the Hellcat at those altitudes. To prevent carburetor icing, the Hellcat's supercharger drew its air from the space directly behind the engine, while the Corsair's was drawn from the air-intakes located on the wing-leading edges.
The main reason the Hellcat has suffered from a "low-performance" reputation has to do with a faulty air-speed indicator design that was installed on almost the entire -3 production line. This system consistently showed the Hellcat's top speed as being 20 knots (23mph) slower than a Corsair moving at the same speed. Grumman only discovered this discrepancy after the Navy ordered them to close the "performance gap." This they did, simply copying the Corsair's air-speed indicator system. Apparently, this satisfied the Navy, for nothing else was said about the Hellcat's top-speed being deficient.
However, the Hellcat never shook its "low-performance" reputation. The early performance figures are the ones most often quoted by authors of WWII air-combat history, who either have not done their homework, or simply choose not to believe it. I have read posts on this message board that vehemently deny that the Hellcat's performance can be as good as that of the Corsair which, when boiled down to their basic essence, state that it simply doesn't LOOK as fast. When I made the statement that it didn't make sense to credit the P-47 with a top speed almost 50 mph faster than the Hellcat, when both had the same engine, one fellow replied that the P-47's supercharging was superior (It is, no argument there) and that being heavier doesn't always inhibit a plane's performance (It doesn't). But in summing up, he said "...besides, the Hellcat was a big plane. Have you ever stood beside one." The Hellcat can't be as fast as the P-47 because the Hellcat is such a big plane!? Sorry, fella, but that argument stands on its head!
Naval Air Intelligence conducted performance evaluations of the F6F-5, F4U-1, and the FM-2 against a late model Zero (Model 25 I believe.) Tops speed for the -5 Hellcat was listed as 409 mph at an altitude of 19,000 feet. Top speed for the Corsair at the same altitude was 413 mph. Four mph faster than the Hellcat, the difference that an extra coat of wax can make.
Regards, Shuckins