Unless he makes a poor choice in broadheads...or doesn't have his arrow/bow tuned, I'd say you're buying.
I can't help with the whole momentum and velocity thing. Figuring the numbers for those things are easy enough...but add in the part about the higher rate of momentum loss from a higher velocity and your outside of my scope.
BUT HERE'S WHY I SAY YOU MIGHT BE BUYING:
A bow can never "put out" more energy than you "put in". He's putting an extra pound of energy "in". Now, there's more "lazy" weight in a compound's limbs, cams, and string/cables than a tradbow's lighter limbs and singular string.
Heck, now that I say that it might be a dead race.
I'd pray he doesn't have a perfect tune and can't sharpen a BH worth a hill of beans, then you know you've got a free drink coming.
When you coming State's side, and what are you wanting to pester with a pointy stick? :D
P.S. I would feel safer betting that he is NOT shooting 290fps. (Even if calculations are spot-on) Those "posted" IBO speeds are on just this side of worthless. How many strands in the string? Did the arrow have any fletching? Did they 'hardwall' the bow? (Same as forcing the bow to stack.) If the bow is made in two different let-off percentages they will always post the speeds of the lower let-off cam because they're faster...and most every hunter buys the higher let-off cams. Also, they don't post the 'average' speed, usually they pick the top-dog and run with it. Also, he probably ISN'T pulling 70# if his limbs are simply marked 70#. My compound is marked 70# but actually pulls 74#. Obviously this may work for or against you