If you're actually doing speed development (and I'm a firm believer that legitimate speed development absolutely should be a part of a base phase), you should be as fresh as possible.
Here's a spin on it to get the speed/power/mechanics you want out of it, and still get in a reasonable amount of mileage for the day:
AM - 2 mile warmup, flat speed development (whatever form that takes for you - 100's, flying 30's, etc) with full shag jog recovery between, so 2-3 minutes), 2 mile cooldown
PM - 2 mile warmup, steep hill sprints (6-8 seconds) with full shag jog recovery between, 2-3 min), 2 mile cooldown
I know a lot of distance runners that are reluctant to devote a day to true speed development, but it really will unlock a lot of your potential at almost every relevant training and racing pace. The day described above still has a fair amount of running in it, and the speed/power development you should be shooting for. If it is a lower volume day, that's fine! It will be worth it.