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So, I finally had a chance to check out both routes the other day. Heading south, I took the usual I-40/I-73/US220 route. Coming back to Winston-Salem I took US 311. I have the results, which have been certified by an accounting firm and sealed in a mayonnaise jar...
The US 311 route was 2 minutes faster!
I measured from the US 311 exit on I-40 to the 311/US 220 junction at Randleman. It took 33 minutes via I-40, and 31 minutes via 311. Note this is just one "test", so your results may differ. I did get behind a slower car on 311, but it turned off after a few miles. Otherwise, I was able to do the speed limit + 7-8.