Yes, the speed is an exaggeration . I believe this airplane has been sold in this configuration a couple of times. I remember when it was an all solid color, I believe it was named 'Tweedy Bird', and was previously owned by Mike Kellem of Kentucky. At one time it had race number 24 assigned to it by Formula V…This would have been in the early 1990's…..Ed
160mph with 3 1/2gph: definitive NO
but a cheap platform to make a racer: new cowling, new engine 2.4 or so..
but no information about the weight..? big rudder and elevator... much weight in the back?
I haven't heard anyone say this is a bad airplane, just that the numbers are, um, exaggerated. I would note that it is also missing its spinner, and apparently has a 1600cc engine (if that is what he means by VW 1.6). This is at the low end of what is recommended for an S1, so it won't be the spritest puppy in the pack, but probably still usable. I wonder, not just how much drag, but how much turbulence is being generated by that nose that may affect it flying qualities.
The price isn't bad, and as long as you are either OK with so-so performance, or are wanting to dive in and give it a proper nose job, then give it consideration. If you want to replace the nose, Fred can sell you a new cowl and spinner ($700 total+shipping, according to his website). My only caution would be to check and recheck anything the seller tells you. Since he is so far off on the mark on the speed numbers, you should also verify anything else you are told... This is definitely a try-before-you-buy airplane.