Depending on what sort of peep you are using you can definitely gain a few fps. If you are using a style that attaches with rubber tubing switching to a brand without tubing will give you an extra 5-8 fps on average. What all do you have on your string? Dropping some other string accessories will also add speed.
For the record, don't be too concerned with speed. I was shooting 295 fps last year and actually slowed my bow down to 278 fps this year. Everyone blows the importance for speed out of proportion. On a 3D course or on the line it can help because a miss by 1 to 2" could mean the difference between 1st place and no trophy at all. In the woods, a 1 to 2" mess up is still a dead animal.
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