Would a hurricane increase intensity due to increasing translation speed?
It is not the quite the numerical relationship you have described  in your question but YES the effect of translation(or forward speed) upon the intensity of tropical cyclones in the tropical oceans has been studied in this peer reviewed reference - Tropical cyclone translation speed and intensity correlation

The conclusions that the authors have reached  is that there is a positive correlation with translation speed and tropical cyclone intensity. The explanation for this correlation is that a tropical cyclone with a faster translation speed reduces the exposure time of the cooling to the TC. The sea surface cooling is induced by the effect of the surface winds on the ocean and and strong winds can bring cooler subsurface water to the ocean surface . A slower moving TC is exposed to the sea surface cooling for a longer period of time and hence contributes to a negative SST feedback and has lesser chance for  reaching higher intensity. 

You  can read a popular science version of the peer reviewed reference in this website - Hurricane speed intensity