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I think you were correct when you said that a high max HR is a result of having a small heart which would need to beat faster to get the same flow rate.
That's the reason for mine; as diagnosed by an ECG and ultrasound scan by http://www.c-r-y.org.uk/ back when I was young (under 35).
It can hit >200bpm when playing 5-a-side, usually only as high as 190bpm during a run, and only as high as 185bpm when cycling. All of the above points to me needing to train to raise my LT. Resting HR in the low 40s (despite a smaller than average heart) which points to relatively good CV efficiency.
Max HR on its own is no indicator of athletic performance as I understand it. Happy to be corrected though.