Assuming the same initial effort, physics dictate that a ball thrown with more spin will be slower and break more than a ball with less spin.
Hmm...someone's been watching the Science Channel other than me, eh?
You are correct to an extent... the kinetic energy of an object in motion is proportional to its linear speed and spin rate. For a thrown pitch, the kinetic energy a millisecond before release is equal to the kinetic energy a millisecond after release. Immediately before release, it is not spinning, and thus all the kinetic energy is in its linear speed. Since the total kinetic energy immediately before and after release is the same, and since no other forces are putting energy into the ball, then the speed of the ball has to decrease since some kinetic energy is consumed by the the spin after release.
That physics is correct...the problem you get into is that pitching is about efficient transfer of energy from the pitcher to the ball. As the amount of spin is reduced, the energy transfer gets less efficient--so, the pitcher transfers less energy when throwing a knuckle ball (e.g.), and the pitch goes slower.
On the more general question of "is a drop ball the pitcher's fastest pitch", I looked at the data from the 2011 CWS, and Henderson and Thomas' fastest pitches were drop balls. Dunne's fastest pitch, on the other hand, was a fastball with almost zero vertical break.