wuzak
Captain
Depends on when the project is started. If the V-1650-1 powered Mustang is produced instead of the A-36 that would meant the USAF has a viable LR fighter for the ETO by Spring of 1943. Leaves plenty of time to escort bombers over Germany, saving 8th bombers and giving the LW bloody nose.
The discussion for installing the V-1650-1/Merlin 28 in the Mustang occurred at the same time as the discussions about installing the Merlin 61.
So, having a P-51/V-1650-1 program would have had to run concurrently with the P-51/V-1650-3 program.
The advantage is that the V-1650-1 was in production, so airframes wouldn't be waiting for engines.
The disadvantage is that there are two programs, one of which would have priority and delay the other. If the P-51/V-1650-3 had priority the P-51/V-1650-1 would be delayed such that it was available no earlier, and possibly later, which would be a waste of effort. If the P-51/V-1650-1 had priority the P-51/V-1650-3 would be delayed and wouldn't have been available when it historically was.