<<Has anyone done any testing (or do they have the data?) to determine if there is a correlation between estimated growth numbers to the actual return (e.g., do stocks with a higher growth projection do any better over the course of the year)?>>
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It's not exactly what you asked, but in “Beating the Dow” the following table appeared showing the returns of the ten DJIA stocks with the lowest EPS estimates:

Year     Total Return    DJIA
1973         -15%        -13%
1974         -11         -23
1975          39          44
1976          39          23
1977         - 4         -13
1978         - 2           3
1979           8          11
1980          29          21
1981           1         - 3
1982          10          26
1983          55          26
1984           4           1
1985          43          33
1986          27          27
1987         -14           6
1988          21          16
1989          25          32
1990         -15           0
1991 (6 mos)  18          12
Cummulative  731%        559%