Magic Eraser
Magic Eraseyou
“Ala de la Muerte”
Wing of death.
I’m trusting babelfish for the translation.
How about Just Another Wing, Son? Alternatively, “The Swiffer” has a Mr. Clean connection, an implied boast about speed (“Mine’s swiffer than yourn”), and for a bonus sounds like Flipper. At the finish line, you definitely want to hear them say something like “And JAWS beats Flipper,” or “The Swiffer beats the Flipper!”
Wing Of Doom
Flying Wedgie
Velocithingy.
Mach 5.5
Oscillation Overthruster
Big Bird on Fire (because it’s yellow and has flames)
The Flipper Flamer
I like British Airway’s radio call sign
Speedbird
Kessel Runner (it’ll do it in 12 parsecs!)
Mahi Mahi (because Flipper was a dolphin, and mahi mahi is the dolphinfish)
Tachyon
Tachyon? Sadly, as a mechanical engineer I get it. I am that much of a geek. What’s worse? I like it. It’s edgy. It’s a cool looking word. I’ll have to explain it to every person that sees it painted on my plane.
But, OTOH, I really like Cannatuna - the Flipper killer.
It’ll be at least a week before it’s warm enough for a test flight - it could be months. So, I have time to choose a name.
Formula 410? (see it’s one better than Formula 409…)
Lame… I got nothin’.
In a sly nod to the SDMB, I suggest:
Whoosh.
Dr. Dirty’s Flying Tea-Canner of Whooshass Tuna.
This has a multi-dimensional play on quite a few names here.
14 Kinds of Glory in a Flipper Plane Defeater?
Sorry.
Weather Balloon? I always wanted to name something flying and looking like honest-to-god UFO a weather balloon. Would be hilarious to argue with some UFO-crazy witness whether “that thing” was UFO or weather balloon and knowing that you really know better 
Also, Iain Banks in his Culture books have coolest names for spaceships ever .
Missed edit window:
Also, imagine mocking after you win. “You call your plane fast, Mr. Clean? It’s slower than friggin’ weather balloon!”
How about anti-names like May Not Explode?
(I like Iain Banks’ ship names from his Culture series - http://en.wikipedia.org/wiki/List_of_ships_(The_Culture) )
I like the flame paintjob. How about:
the Blazing Emu
Kiwi-Dreams of Fire
or
Team Penguin Explosion
Great Tits of Fire (the duality should make it family friendly 
)
How about calling it The Fucking Bastard - and explaining to people that it’s a reference to a dog you once knew - of a particular breed, that lived in the Austrian town of Fucking.