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Neither - the two primary reasons - VE drops off past the torque peak and the ever present friction forces increase parasitic power loss, which increases with the cube of engine speed.
Valve timing (greater duration and overlap to a point) can improve VE at high speeds, but you loose VE at low speed. There is no free lunch! The relative efficiency of the inlet system can be summarized in a dimensionless parameter known as the Mach index (see Taylor's IC engine textbook or the Engine Analyser simulation program.) Once it reaches about 0.55 the inlet system is essentially choked and power will drop off. If you've already reached a practical limit on valve timing the only alternative left is to increase inlet flow efficiency with larger or better shaped ports and manifold runners.
Friction power can be reduced with greater clearances, smaller piston skirts, reduced accessory load, or reduced accessory drive ratios, good dry sump systems to reduce windage losses, but friction is very tough to control when you get over 4000 FPM mean piston speed.
Neither - the two primary reasons - VE drops off past the torque peak and the ever present friction forces increase parasitic power loss, which increases with the cube of engine speed.
Valve timing (greater duration and overlap to a point) can improve VE at high speeds, but you loose VE at low speed. There is no free lunch! The relative efficiency of the inlet system can be summarized in a dimensionless parameter known as the Mach index (see Taylor's IC engine textbook or the Engine Analyser simulation program.) Once it reaches about 0.55 the inlet system is essentially choked and power will drop off. If you've already reached a practical limit on valve timing the only alternative left is to increase inlet flow efficiency with larger or better shaped ports and manifold runners.
Friction power can be reduced with greater clearances, smaller piston skirts, reduced accessory load, or reduced accessory drive ratios, good dry sump systems to reduce windage losses, but friction is very tough to control when you get over 4000 FPM mean piston speed.
Duke
One more thing to consider is tuned length of the intake runners. Essentially tuned length of intake runners uses wave energy to "supercharge" the cylinders at certain rpms, but the same waves that increase power at one speed will reduce ower at another speed. That is why tpi motors make torque at low rpms, but run out of breath below 5000 rpm. Even if you get larger runners and a larger base, unless you can modify the runners to make them shorter, the engine will still die at the top end.
GroundPounder, that is a very good question. The same question that cam grinders/engineers have to deal with each time the architecture of the engine changes. Perhaps someone with a little first hand knowledge will chime in as I would be interested myself. The dynamics of such things can really be fascinating. That is one reason I enjoyed Dave Hill's book 'Corvette from the inside out' so much. He touched on a bunch of issues that engineers wrestle with in vehicle development. Such questions as yours usually require more than superficial thought.
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