Hm, I don't know, if the speed factors are handled like in 2nd ed. AD&D PnP, but there the rules are as follows:
Every round of combat every char rolls a d10. This is his initiave. To this value you add your weapons speed factor and deduct for your initiative modifier derived from your dex score. Then the result is your overall initiave (spellcasters add their casting time of the spell to this number). Now the order during the combat round is just that the char with the lowest number is striking first, then the second lowest number etc...
Thus, the higher the speed factor of your weapon the later you strike in the round.
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