OK,
"sustained I/O speed" is a spec that tells you that once the drives heads are on the correct cylinder and the servo has locked onto the servo track, that the drive can transfer data at that rate.
A better spec to look at would be the average latency. This will tell you what kind of performance you can expect out of getting a drive to move its heads from one location to another and get the new data.
There is also the issue of others apps requesting other files on th same drive. Do you have exclusive access to this drive? If not, your app has to wait in line behind all of the other requests th are pending for th spindle.
Unless the drives are solid state drives, I would still work to convince myself the bottle-neck is the ethernet.
Trying to help,
Ben