If we were to assume neither Piccolo's Moon Bust's power of speed were an outlier, for instance, that'd mean his speed was over 1,000x what it was at the 23rd TB, or the opposite of how inconsistent and lacklustre flight and reaction speeds were such as Gohan viewing surpassing Kinto'Un's speed as anything grand or cameras of all things being able to track Goku and Cell's movements for a short time.
Piccolo's moon bust level was probably an outlier though, as Vegeta and co. were astonished at the thought of Goku travelling between distances of 10,000 Kms in an instant when this latter used his Shunkan Idou, which wouldn't make much sense if Piccolo's blast, who was way inferior to the Makankosappo one, could already get to such a distance in seconds, even more so when the Makankosappo could still be dodged by Raditz on Earth, and thinking that a blast around the ~400 mark could way surpass the speed of characters who had battle power already surpassing the 2,000,000 mark (by Vegeta's surprise, it was obvious such speed showdown was beyond his capacities) doesn't make sense either.
If someone's battle power doubles, so does their strength, which is what the armored guy ought to be referring to. If making battle power lists, the simplest approach to his line would be that his battle power simply went up by 300x once he got 300x stronger, and even though the speed increase might not be proportional to the power increase in the ssj case, assuming it'd be that off sync sounds like an exaggeration to me... it's true that the SSJ might not be like the Kaioken which increases all ststs by the same amount, but it still wasn't noted to grant that much of an additional speed boost sans maybe Gohan in the Cell Games, whose speed seemed to be a bit higher than his current chi would indicate.
But yeah, even though I have watched yesterday Vegeta "fighting" that guy, it seemed so uninteresting -- besides that line -- that my memory of the fight is foggy, so I'll take your word for that.