While Saburo Sakai has been credited in this thread as saying that the Zero did 345 mph with WEP, this is actually IMHO a bit misleading, since 345 mph is a very precise number and can therefore be interpreted as being quite accurate just by being so precise. However, what he actually is quoted as having said, is that the Zero could do "about 300 knots". Now when you hear it like that, that sound more like a nice round number and a ballpark value doesn't it?
In addition, what does 300 knots actually mean in this context? Probably that he while flying saw the needle hovering there during combat, nothing more. So firstly, how accurate is this reading at all? Did he actually read off an IAS corresponding to 290 or 295 knots and rounded this off to 300? And what was the instrument error on his IAS dial? In addition, an RAAF report on the Hap has a POC chart which shows that the IAS was off in the order of 12-13 mph at those speeds. So the true TAS may well have been more in the order of 330-335 mph when corrected for these effects. We just don't know. So with the above in mind, I would say that the often quoted 345 mph figure needs to be taken with a large grain of salt.
And if I reverse engineer the US results at 35" boost with 2550-2600 rpm to the Japanese at the +150 mm 2500 rpm Mil rating, by my calculations the lower boost and the higher rpms in the US test nearly evens out compared to the Japanese settings, resulting in a top speed with the Japanese Mil settings at circa 330 mph which seems to be in the right ballpark (albeit leaning towards the optimistic) given that the numbers usually quoted by Dunn from various sources are in the 316-336 mph range.
Then when adding the +250 mm 2550 rpm WEP to the simulations, it turns out that this mostly improves the low altitude performance (much like
this example for the Spitfire when going to +12 and +16 boost) and does little to improve the top speed at the FTH, which only goes up to circa 339 mph. But certainly, this is getting closer to the 345 mph Sakai mentions, but remember that this is possible only assuming the very optimistic 330 mph at the standard +150 mm setting, which seems optimistic considering that Sakai's number is only 275 knots (316.5 mph) at this setting, which incidentally also aligns well with the 316 mph found in a captured Japanese flight manual. So adjusting my optimistic 330 mph down to 316 mph as in the Japanese flight manual, it may well be so that the true top speed with WEP should also actually be about 15 mph lower than the often quoted 345 mph.
In addition, about the US tests being "TOTAL GARBAGE" as some have stated based on the fact that they did not get the rpms they expected (about 2600 rpms) but only around 2000 rpms, and needed to shift the pitch range to do so: True, one reason for this could be that the engine was in poor shape. On the other hand, since there seems to be at least two instances of this happening, it seems like quite a coincidence that both these particular aircraft with sub-performing engines happened to be captured.
On the other hand, another and more plausible explanation, could be that the Japanese had actually moved the pitch operating range towards coarser on purpose in order to improve the range: Sakai himself mentions this in his memoirs: Flying at low speeds with high boost and very low revs to get drastically more range out of the Zero. And at low speeds, the standard pitch range was probably enough to attain sufficiently low revs. But in combat areas, you don't want to be flying at the low speeds Sakai mentions in his memoirs, and in this case the only way to get the revs down also when cruising at higher speeds, is to be able to set even coarser settings than the standard performance optimized range allows. Personally, I find this explanation much more likely than the one that the US just happen to capture two plane whose engines were so bad that they only allowed them to rev up to around 2000 rpm compared to their rated 2500-2550 rpms. Especially given that with the pitch adjustment range set back towards more performance optimized, one of the captured Zeros managed a very respectable 336 mph.