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Why not? P-38 production cost was only slightly more then the P-47.
Part of the problem is WHEN the decisions have to be made and HOW LONG it takes to implement the decision. If you want 15,000 more P-38s the decision has to be made by 1941 or so, no later than the beginning of 1942. If you want just 8,000 more P-38 the decision can be be made later but the planes won't show up until later in the war.
It can take 12-18 months from breaking ground on a factory (to produce an existing design) till more than 2-3 are rolled out the door and another 6-9 months to get the first 500. A few months after that you may get 300-400 a month. You need how many thousand fighters in the Spring of 1944 for bomber escort missions? You had to "pick your winner" when it's "A" model was flying and hope the "C", "D" or "G-H-J" version would do the job (and a different job at that from the original specification) 2 years in the future. To get thousands more P-38s you not only need a second (or third) production line for airframes, you need a second source for Allison engines. And again the decision had to have been made in in 1941 at the latest to really affect the bomber campaign in 1944.
The P-38 had the range, It might have even suffered lower losses being able to get home on one engine at times. The question is wither it could inflict the same losses as the P-51 on the Luftwaffe and here it may be a bit lacking.
Keeping the Germans from shooting down a prohibitive number of bombers per mission is not the same as destroying the Luftwaffe in the air.
As for the P-51, the war was almost over before it arrived in large numbers. Any fighter aircraft can defeat the Luftwaffe after RAF Bomber Command destroys the German hydrogenation plants during the spring and summer of 1944.
Forget the money thing - if it "would have" been able to do the job, the money "would have" been spent.
Disagree - look what was spent on the B-29 and Manhattan project and there was still plenty of money and resources left over. No, it wasn't unlimited but for some of the hypothetical situations presented here, there were more than enough resources as far as manpower, capital and raw material to make it happen.Many times in the forum is writed tthat US can built all that want but this is wrong, US had not unlimited resources, also if was the largest and most advanced economy in the world, so a sum of money had a true value (if you coin more notes this change that value), sure they can build up the factories for the P-38s but if you used more resources in this you've less for other oh yes probably some resources were not full used in the war but probably some were full used (bottle necked trouble).