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Most I-16s (and all the ones from the mid 30s on) used Russian built R-1820s or descended from them. And please note that the 3 fighters I quoted as using the R-1820 all were 290-310mph fighters.
I've went specifically for the I-16 and not for the American fighters for a reason. The reason being that American fighters have had the wing about 50% bigger and were much heavier.
We can of course take a look at Fokker XXI with Perseus X and retractable U/C. Or take the Japanese fighters in consideration for the base, like Ki 27 or A5M.
It would have been if you stuck an engine with 100hp less in the nose
The I-16 Type 18, with M62 engine of 820 HP at altitude, was good for almost 290 mph. 880 HP is more power, not less.
The I-16 Type, with M63 engine of 900 HP at 4.5 km (14760 ft without ram) was good for 300+ mph at 15750 ft.