OK, massively over simplified. The answer is, what you state as "basic physics" isn't necessarily correct.
If you are talking an ideal situation, then yes, a similar weight BB starting out at a greater MV will travel further than its slower brother. Also, a heavier BB started out with a similar MV will travel further than its lighter brother (given that the backspin caused by the hop is sufficient to create the lift required to overcome gravity)
There are all sorts of aerodynamic equations involved with this stuff, it's not "basic physics" by any means.
The rate of backspin (rpm) required to provide the lift needed to overcome gravity is much higher for a heavier BB. Lift comes at a cost (called lift drag) so a heavier BB, which requires far more lift than a lighter one, will actually experience more drag and therefore MIGHT (it's a trade off type thing which requires a fair amount of maths to work out the best compromise) actually slow down faster!
Also remember that applying more backspin requires a much tighter hop (and therefore a much higher initial energy input) to achieve. This means that your gun has to work a lot harder to accelerate that BB up to the same energy. This means that your gun will almost certainly not achieve the same energy level with a higher BB weight, unless it's specifically tuned to do so.
So, in answer to your poll, the answer is "it depends".
If you want me to go through the lift/drag equations I can, though it would mean dragging up some old uni work.