I'm using this alongside the Aircraft mod and it seems to be limiting the speed to just under 100km/h, instead of the max of 280km/h~.
I've played around with this last night, and I must confess: It's quite tricky! There are two major problems:
1) Determine if a vehicle is airborne.
2) Determine the maximum speed a vehicle may run at.
There is a render layer "air-object" that' used by the prototypes of Aircraft, Hover Car, and Dirigibles. Helicopter Revival doesn't use it though. Instead, it just defines an empty collision mask -- which the Dodge Challenger also does. So neither the render layer (which can't be accessed in the control stage anyway) nor the collision mask are sufficient to reliably identify an airborne vehicle.
There also is no indication of the maximum speed a vehicle may move at, one can only access the current speed. Traveling speed must be balanced. It wouldn't help to hardcode one value. The cargo plane from Aircraft seems to have a top speed of about 100, so it shouldn't become faster; but 100 is too low for a jet (I've got a top speed of about 770 with rocket fuel -- but that was a testing setup with Creative Mod, and that may have falsified the result).
The only way to make this setting versatile (so that aircraft from other mods can also use it) would really be a hard-coded list of prototype names and the top speed (perhaps also the speed it slows down to when approaching a waypoint). The top speed should be capped to about 300. Flying the jet, I noticed that the top speed really is too high! The minimap was black because I was flying faster than the game could generate the chunks I've moved over. That should be avoided.
If you can compile a list with reasonable values (you're the expert, I've never used the Aircraft mod in a real game), I'll try if I can implement this.