yes but they had whopping great turbos strapped to them to produce 1500hp, with huge slick tyres!
we would have 2.4 litre 15000rpm 750bhp engines like CART.
i am excited about the prospect of F1 engines soon breaking the 1000bhp level! and it wont be long before they do this
if they dont like the speed:
to cut speed on straight: add drag by using a monaco style rear wing
in the corners: reduce downforce
it is a tricky one, because by cutting top speed you would add to cornering speed
F1 is meant to be fast, so lets just leave it