Firstly, if the aircraft and engine are "as built" and conform with the Type Certificate then the aircraft can be registered in Limited or Restricted categories, not necessarily Experimental. This also applies to Warbirds. Through the years, many alterations were allowed by the FAA on Warbirds.
Secondly, in Reno some Warbirds are "Stock" (certified in Limited or Restricted categories), very limited in the way of modifications, or "Experimental" (the "Big Guns".) As far as I remember, a stock one never won an un-limited race in Reno - just didn't have the performance.
Thirdly, you cannot build a P-51 or a Merlin engine from scratch unless you own the Type Certificate and have a production authorization from the FAA. All the engines and aircraft in circulation have an original placard from the original manufacturer. You can build a new aircraft around a placard but you have to be careful - you need to show the Feds that it is a "restoration" or "major repair"... In addition to a number of fighters, right now a "new" B-17 is being built basically from scratch following this method.
If you change an engine on an aircraft and that new engine is not on the aircraft Type Certificate - talk to the FAA first.
My two cents...