It's been done quite a bit actually, there's a whole bass drum speed culture amongst kids on Youtube. Some don't even play drums, but sit there with a double pedal, a kick drum trigger pad and a metronome! There's a vid of some guy doing 290 BPM on there as well.
I've seen that done in person, it's not that impressive when the trigger supplies the velocity, and you set your beater to stay about 2" of off the drumhead.