Hi Jim,
I think you are close, but over calculating just how much power is required.
If you look at the post here...
http://ecomodder.com/forum/268030-post22.html
... you'll see that rolling drag is not proportional to speed. Therefore, the hp requirement does not go up as quickly as the cube of the velocity, but is close.
It also means that you should be able to get a reduction in Cd easier than the classic V^3 equation would lead one to believe.
Hope this helps, Jim.