Only if there was enough P-51B/Cs to go around. The ETO got most and a few to the MTO.
I think that was basically Caldwells beef, what modern Aviation researchers now recognize as the "Bomber Mafia" was basically calling the shots in the USAAF and they got the priority. But that didn't have to be the case.
There never was a serious threat of invasion.
That is easy to say in retrospect. But I'm not even sure if it's true. If the Battle of Coral Sea and subsequent narrowly thwarted invasion attempts (Milne Bay, Kokoda trail etc.) had gone the other way, I suspect Australia might very well have been invaded. The Philippines was basically a cakewalk for the Japanese in spite of a very heavy garrison. They defeated a numerically superior force of 150,000 men in 5 months and only suffered about 10,000 casualties. They were already in New Guinea and Coral Sea etc. was basically about their completely taking it over (i.e. gaining control of Port Moresby and the Southern Coast) which would have given them bases from which to stage an invasion.
I don't know how many trained troops were available in Australia in 1942 was it more than 150,000 ?
S