If a MIDI message is 3 bytes and the midi data rate is 31.25Kb/sec, thats 0.000 256 seconds per byte, or 0.000 768 seconds per (3-byte) message minimum.
Right. About 0.8ms, not 0.08 as reported for the round trip in your test results.
Incidentally, a couple of notes on my test results: First, I was not able to use MME; it's not supported my the 1820m's driver. I had to use DirectSound, and I had to turn off SysEx massages, as there seemed to be a problem with them. I need to check into this some more, as I use SysEX all the time to control my outboard synths with Sonar, and have no trouble with it. Also, I found that running the test with just 100 messages, rather then the default of 31250, produced completely repeatable results in much less time.