Sounds like something is amiss - either your airspeed indicator is telling you lies or something is very wrong with that airplane. If everything is set up correctly with that 200/235, with that engine, you should see close to perhaps 150 Kt. once trimmed for cruise, i.e., proper reflex and mixture leaned.

I have been flying an early 235, with a Lyc. O-235-L2C (with Hi-comp helicopter pistons - producing perhaps 125 HP @ 2700 RPM) since 1993. In the beginning, I used a fixed pitch prop (From Aymar-Demuth - whom I DO NOT recommend - long story but two failed props was enough) - 62" dia x 72 - 76 " pitch. This gave me a lousy takeoff performance (2350 RPM at the start of the roll at sea level) but a nice cruise AS of approx. 160 kts at WOT and 2650 RPM. Correct wood prop = good cruise but exciting takeoffs.

Subsequently changed to a MT electric CS, two bladed prop, I see around 2700+ RPM on takeoff (engine rated for 2800 RPM continuous). The airplane breaks ground at about 80 - 85 MPH IAS - flaps neutral. Level off, put the gear up and wait a bit to accelerate to about 130 MPH IAS. Holding that IAS requires more and more pull until I see about 1200 FPM rate of climb (at max weight). Climb at that IAS to altitude with a bit of RPM reduction to approx. 2600 and progressive leaning as I climb. At desired altitude, level off, set RPM to 2550. Accelerate to about 160 MPH IAS where I set full reflex, which needs some agressive re-trimming (nose-down) and wait for the airplane to accelerate to cruise speed of close to 165 Kts. - which usually takes about 20 - 30 seconds.

As regards to using flaps on takeoff, I can see no noticeable difference in my airplane between zero flaps and any other setting (though I've never tried to take off with the flaps in full reflex). Since each Lancair is unique due to the inevitable variations during the build process, your experience may vary.

If your Continental is making 115 HP the airplane should perform somewhat similiarly to mine (at sea level) as I live where almost all airports are at about 3000 MSL.

Good luck, they are great little airplanes when operated correctly.

Dan Schaefer
Early 235 N235SP