wuzak
Captain
The P 51D was not a peak performance aircraft in 1944, it was just a very good aircraft that could carry a huge internal an external load of fuel and so project a good performance over most of Europe. If ultimate performance was the aim then the P51 would have been fitted with a Griffon, as later racers were. However a Griffon engine P51 wouldn't have reached Berlin and returned to base. The US air force could have coped with a lower top speed rate of climb etc on the P51 they could not have coped with a reduced range.
Not sure about the range.
Certainly the endurance would be reduced, but the cruise with the Griffon should be faster, which would offset the time factor to some degree.
Rolls-Royce were keen to put the 2-stage Griffon in the Mustang, but NAA said there would be too much rework involved (at that stage of the war - 1942).