View attachment 569322
Now perhaps I am missing something but that inlet looks a bit suspect. As does the outlet
View attachment 569323
to actually use the Meredith you need more than a radiator in a shroud/cowl with an adjustable exit flap.
You need a low drag airflow through the radiator matrix (where the air is heated and expands/rises in pressure) you need an exhaust duct where the air converts in high temperature/pressure to high velocity airflow and you need an exit that matches the exhaust radiator air to the airflow around the exit (or comes close) and you need the exhaust air from the radiator to be around 180 degrees from the direction of travel.
The Mustang probably did the best job at this, The incoming air was expanded and slowed down considerable before it hit the radiator matrix, if you double the speed of the airflow through the matrix you get 4 times the drag.
I see no large increase in the cross section of the early Bf 109 radiator duct that would slow the cooling air down. I also do not see any large area or distance behind what I think is the radiator for the heated air to be compressed/accelerated up to aircraft speed. In fact it appears that air flowing through the top of the radiator matrix has to make some rather severe changes in direction to get out of that slot/hole in the bottom of the aircraft, Even if that flap is closed at high speed and flush with bottom of the fuselage leaving just a slot the exiting air is at angle to direction of travel of the aircraft and smoe of whatever thrust there maybe is lost due to vectors.