Gear changes have a direct relation to acceleration times to a particular speed.
So those changes would take 1 second off the time taken to accelerate to 150mph or whatever, but they would have FAR less effect on the quarter mile.
While you are changing gear, you acceleration waits for you to finnish (in fact it decreases slightly in most instances) but you are still covering ground on the quarter.
Your logic is completely back to front with regards to wether the car would get to the quarter much quicker and what speed it would be doing, you seem to be implying that you would save a large amount of time off your quarter but would cross the line more slowly?
The reality is that I doubt you would lose even 2 tenths off your quarter time even if those gear changes were reduced to .2 of a second, so certainly not the .7 that some people may be expecting from such a change.
Your terminal speed though, would be effected quite a bit, but not the way you think, it would be INCREASED as you would be now accelerating for a larger amount of time (.5 seconds longer in fact if you believe me on the figures for the quarter time, so around 7mph or so based on the accereration of that car)