At first glance it's an intake of some sort, but behind that panel is the lower engine bearer and ducting for the carburettor intake. It's only present on the left hand side, so looking at pics off the internet, there's tubing that runs to the radiator/oil cooler on the right hand side under that panel, but I haven't seen one of the left with that panel removed. Perhaps its an intake for cabin air to keep the pilot cool?
it appears present on only some 'D' model Mustangs, certainly not all of them.