Oh, I see. I may have understood what Alistair is asking. He wants the rocket to accelerate only at the very beginning of the flight, and then fly by free fall, without any force except for Earth's gravity. For short flights, you would imagine that the trajectory will be a parabola.
However, for significant distances in a spherically symmetric gravitational field of the Earth, the trajectory still has to be an ellipse with the Earth's center as the focus - using Newton's approximation for the law of gravity (Kepler's laws hold, but the Earth is now at the center instead of the Sun).
One could calculate the timing more accurately but it's clear that the optimal trajectory will have a pretty constant altitude - so the speed will be close to the first cosmic velocity - the velocity corresponding to the circular orbit. The optimal trajectory will be an ellipse that is very close to the circle around the Earth, of radius $6378+10 km$ or so.
The first cosmic velocity is
$$ v = \sqrt{gR} $$
where $g=9.8 ms^{-2}$ and $R=6,378,000 m$. You may see that $v=7.9 km/s$. For 4,000 kilometers between East Coast and Central Europe, you need about 500 seconds which is 10 minutes. Faster than BarsMonster. ;-) It takes about 1 hour and 25 minutes to fly around the Earth (40,000 km) at the orbital speed; the International Space Station is doing it 17 times a day or so.
I don't understand why BarsMonster thinks that "optimal" (for what?) velocity is suborbital. My understanding is that Alistair wants the speed. So the ellipses that are very close to circles - orbital speed - are "optimal" according to my definition of the word. They're faster. Let's hope that you have enough money to pay Richard Branson both expenses and the profit.