Imagine the Welkin's Merlin power at mid-to-high altitude and larger fuel stores
The Welkin was a poor aircraft. When the RAF tried to test it against a Mosquito they initially failed to gather any useful data due to its lack of manouevrability. Aileron control was very poor at all speeds and altitudes and compressibility effects caused pitching at speeds corresponding to Mach 0.65 which meant it couldn't follow anything in a dive.There were also problems with high speed stalling and complete ineffectiveness of the elevator. In single engined flight a very severe rudder oscillation would occur.
Later tests,at high altitude,concluded that a Welkin could attack a heavy bomber but that a single engined fighter would easily out manoeuvre it.Not a good aeroplane and a dubious starting point for something to match the P-38.
The Vickers 432 might be a better starting point,though it too had plenty of problems to sort out.
Steve