Removing unnecessary/redundant weight from an airplane will improve performance on the same engine power.
It was done other way around - up-engine the existing aircraft type (whether by introducing a brand new engine type, or the engine type better than what was previously used), while 'upgrading' the fuel tankage or/and firepower, so it can do things the previous version was incapable for. It was done with P-38, P-51 and, finally, with P-47 (not in the same time). It was done (if belatedly) with Spitfire and Tempest.
A P-39 that lost 500 lbs of stuff you deem redundant is still not an answer to what USAF needs in 1943 - a fighter that can do at least 400 mph and climb well at 25000 ft while having 500+ mile combat radius (preferably 650 miles) while cruising at 300+ mph TAS. Even the P-51A was incapable of that with wing racks on.
V-1710 had only 79% displacement of a DB605 and 82% of a DB601. Comparable? No replacement for displacement.
Yes, comparable in size and weight - just as I've wrote above.
Seems like nobody said to the people at RR that they are not supposed to beat the 33.5 L DB 601 and 35L DB 605 with the 27L Merlin. Either they were wrong, or you are wrong with the displacement idea.
Two stage -93 had a critical altitude of 21500', simply move the carb from the auxiliary stage to the engine stage (like P-38 and P-47) and increase critical altitude another 3000'. DB601 critical altitude was 18000'.
The DB-601 critical altitude was at 13-14 kft, at least for the 601A.
Critical altitude says nothing about the engine capabilities. Merlin XX, DB 605A and BMW 801D all have had critical altitude of 18700 ft, power delivered there was very different. At 22000 ft, the V-1710 E11 (P-63A fighter) was making the same power as the DB 605A.
P-39E was not all new. Just a P-39D fuselage with the coolant tank reshaped and moved up right behind the pilot and the auxiliary stage installed in it's place. Fuselage was longer because tail cone was lengthened, but engine compartment where the auxiliary stage was located was the same size/length. Posted P-39/P-63 drawings many times, engine compartments are the same size. P-63 had the auxiliary stage, P-39 did not.
I know that P-63 have had the auxiliary stage, P-39 did not. Once someone plops the 2-stage V-1710 on a P-39 and have it flying, I'll believe.