In any discussion of the P-51 vs the Zero you will find detractors of both aircraft. This is standard partisan silliness.
Simply stated, if the P-51 has established a decent cruise speed, meeting a Zero Co-alt will be a one-sided engagement. There is virtually nothing the Zero can do if the P-51 pilot flies intelligently, beyond trying very hard not to get clobbered.
Should the Zero be Co-E, all the P-51 pilot needs to do is power-up and establish a shallow 1,500 fpm climb. Within a couple of minutes he will be well out ahead and above in position to execute a climbing reverse and set up a perch above the Zero. Should the zero pull nose-high to try to zoom up, the P-51 simply does the same until the Zeke runs out of E... a classic rope. As long as the Mustang retains an energy advantage either via pure speed or altitude, the Zero is totally defensive. Anyone with good gunnery skills will eventually kill the Zeke. Should the Zero try to dive away at any point, it's prospects of survival are virtually zilch.
One tactic I employ is to get the Zero driver complacent; having dodged several easy-does-it BnZ attacks he feels confident that he can avoid the next one. Except on the next one, I pop a couple notches of flaps, kick hard rudder and the Zero pilot is suddenly faced with a 6 gun brace of .50s pointed straight at his cockpit.
Should anyone run into my buddy Rowdy1 someday, ask him how the Zero stacks up against a Mustang... Believe me, he knows and he's a good Zeke stick.
Don't underestimate the P-51s, they can dance if the tempo is right.
My regards,
Widewing