Actually, there's a MUCH easier and more effective swap available. Take two P-82 Mustang V1710 G6R engines and swap them in, hooking them to the original P-38 turbocharger system. Add the FOUR blade Hamilton Standard High Activity paddle props. The engine is a direct bolt in, no modifcations needed, other than swapping the rotation of one engine (easily done in about 3 hours, necessary only if you don't get one of each). The homework on the prop swap was already done by Lockheed on the P-38K. Now, add 150 fuel to allow the boost to run at 80". Now you have a P-38 with nearly 4500HP available under WEP conditions, and with props to use the power efficiently.
The G6R was rated at over 2000HP in many cases, and combined with the turbocharger system on the P-38 could maintain sea level power to over 30K. It was an improved version of the regular V1710 F15/17/30 series equipped with an improved crankshaft and a much better crank driven centrifugal supercharger capable of making in excess of 2000HP WITHOUT the add on turbocharger.
WEP, and possibly even military power, couldn't be used in level flight above 20K, as it would easily propel the P-38 into compression in level flight. However, below 20K it would be a monster, and above 20K, the ability to climb, and maintain speed and energy during combat maneuvers, would be added to the ability to fly in excess of 45K, and a 20% increase in range. There's no doubt, it still wouldn't be the fastest thing up there in levle flight. But the power available to climb and maneuver would give it extreme advantages in several areas.
As far as the power and reliability of the engines in this configuration, it actually has been tested. The twin Mustang Allison V1710 G6R engines were regularly combined with P-38 style turbocharging systens regularly in the old Unlimited Hydroplanes before the advent of helicopter turbines in the boats. There was at one time a good sized supply of the twin Mustang engines in surplus, and you could pick them up for a song. However, the hydroplane and tractor pulling guys used them up.