It appears that we should inspect/investigate the static side of the airspeed equation.  Maybe water or small bugs or dirt in the static system?  Definitely worth checking very closely...

 

While we were flying in close formation, at the same altitude, if never occurred to us to verify altitude readings.  If there were any significant differences, this would have indicated some sort of problem with the static port...  

Rick,

 

If the static port were blocked, thus keeping the atmospheric pressure of the airport in the static system, the airspeed would have been reading low, not high.

 

Anyway, you may have been operating at some off altitude, depending on which altimeter was the reference.  That's OK, since an airliner's TCAS would have helped them avoid your flight.