It was based on a advanced version of the P-47 incorporating the Pratt & Whitney R-4360-13 Wasp Major 28-Cylinder radial air-cooled engine producing 3,450 hp.
It would do 490 mph without the supercharger turned on, top speed was estimated up into the 550 range for the prototype using the contra-rotating props.
In fact there were several fighter offerings to be based on the awesome Pratt & Whitney R-4360 engine. Several of them were to incorporate contra-rotating props to absorb the immense power and torque of the engine.

http://www.warbirdsresourcegroup.org/URG/xp72.html
http://www.militaryfactory.com/aircraft/detail.asp?aircraft_id=419
http://www.nationalmuseum.af.mil/factsheets/factsheet.asp?fsID=2272
That... would have been a game-changer.