Not even close to correct.
Cruising speed 350 kts.
Economical cruising speed 340 kts.
http://www.airforce-technology.com/projects/hercules/specs.html
Cruise speed for the P-3C 328 kts, or slightly slower than the cruise speed for the C-130J.
http://www.chinfo.navy.mil/navpalib/factfile/aircraft/air-p3.html
Interesting. Thanks for the links.
Now the bad news. The C-130J is under consideration for being dropped because of continuing development and operational problems.