Welcome Aboard!
Greetings, chieftopcop, and welcome aboard.
The W key mentioned is for WEP, or War Emergency Power, and some a/c have it, some don't.
Speed of an a/c, just like anything else 'written' into the files, should be all within reason, for the airplane type. It depends on which two types of a/c your talking about too. But, for the main part, the speeds limits are in the FM (flight model), the .AIR file, and the aircraft.cfg.
There are edited files available for both of those, also. But, that's getting ahead of things. You should learn the basics first. It really matters just how much accuracy you want (all within the sim's limits).
It will put you ahead, if you learn the various controls, and get used to them. Also, being new to the sim...take a little time, and look over the various files used by the a/c.
That will help you understand the file structure. If you have any kind of questions, there's plenty around that will gladly answer.
Above all...have fun with it.