Yes displacement hulls can go very fast, here's a modern example of the concept:
Bagacay Boat Works
On Thu, 30 Mar 2006 22:05:42 -0000, adharvey2 wrote:
> Steve, I too have been a little confused by some of the Atkin utility/
> runabouts and their respective relationships to the usual division
> between planing hulls and displacement hulls. They do blur the line,
> as John says. I spent a considerable amount of time trying to figure
> out how Rosdave, a round bildge, practically double ended (on the
> waterline, anyway), relatively low powered boat could make 17 mph.
> Then I read an article by Dave Gerr in an old "Boatbuilder" about how
> narrow hulls can push the usual displacement speed/length ratio of 1.3
> (or whatever it is) significantly up and gave a formula for doing
> this. Sure enough if you have a stepson who knows how to work those
> numbers with fractional, negative exponents stuck to them, seemingly
> displacement hulls can go pretty darn fast!