My saws is a MS260.
Are you looking for a go fast toy, or a fast saw to work with?
I've done similiar work to both my 260 and 346. I just recently did some more work to my 346, but before that, the 260 was measurably faster. I haven't compared them since the latest work to the 346. If you just want a fast saw to play with and like to tinker, go with the 260. Making if fast means custom work to the carb box in order to fit a 038 intake elbow, bolting up a 044 carb, and figuring out a choke setup for it.
If you're going to use it for work, go with the NE 346XP, all the way. It handles so nice! Throttle response is explosive and instant. It's faster than a stock 361 in 12" hardwood. My BIL was running it today and says it's faster than a MS460 in smaller wood. I didn't time it, but I have no trouble believing that. He was running around burying all 16" of the bar when there was a MS460, 372XP, and 390XPG laying there to run. He was just that impressed with the 346. It's running a 357XP carb, which is a direct bolton along with the 357 intake. Add a good port job and muffler mod and you've got yourself one little monster of a saw.
If I had to pick one, it would be the 346XP.