Uhhhh, no.
The 38 always had more range than a Mustang, particularly with payload. The techniques used in the Pacific stretched this even further.
I would draw your attention to the Combat Radius Profiles, as well as ferry ranges reproduced in one set of reference - in Dean's "America's One Hundred Thousand". Page 600
For Ferry Range plots look to Graph 41 and 42 for P-51, 51A, 51B/D, and Graph 17 for P-38G, P-38H and 38J/L.
And no, they (mission planners) did not use max combat radius on every mission. We've already shown that.
If you look at them you should see that a.) the P-51 (20mm cannon drag) had 180 gallons of internal fuel - no external and its competition for range was P-38E/F/G with 300 gallons of internal fuel.
The Ferry ranges for 1941-mid 1943 were
850 mi for P-38 with 300 at combat load out at 15,800 pounds (full ammo/full internal fuel)
1100 mi for P-51 with 180 gallons at load out at 8700 pounds (full ammo/full internal load)
The Combat radius with external tanks (1550 w/2x75 P-51A, 1400 w/2x150 for P-38H)
The Combat Radius for internal fuel only for P-38J/L with 2x55 gal LE tanks versus P51D with 85 gallon fuse tank
275 mi for P-38J/L at 17,500# at 25K Graph 17, pg 143
375 mi for P-51D at 10,100# at 25K Graph 42, pg 327
Pappy Gun was extremely resourceful, as well as Lindbergh, in figuring out ways of extending range but his methods would Not have worked in the ETO/MTO
As to Meridith Effect to P-51B/D/F. for drag calcs in NAA Performance Analysis the effect of cooling drag was assumed to Net=0 but the calculated drag for cooling system/cowl was far less that 100 pounds at RN>9x10^^6 (say >270 mph). In climb the full cooling drag parameters were applied in the drag build up to determine Power Required.