And yet that's how they sound on cockpit recordings, so . . .
A buddy of mine who flies the P-51B and D.   An excerpt from our conversation a few months back.
Me:  How would you describe the sound of a P-51 from inside the cockpit?
Him: Hmm...a cross between a continental 550 and a Merlin.
Me: So it sounds like a Merlin does from the outside a bit?   And not like a lawn mower?
 
I figured a Cessna 414 or 421 would be closer (to a Mustang) than a Briggs and Stratton.  Lol. Aces High 3 makes the Pony sound like a lawn mower I kid you not.
Him: Ha ha ha  
Yea...you can hear the Merlin influence when inside. What's really cool is when you hit the starter and it feels like a truck slamming in to your airplane. It startled me the first time.
---
(The 550 is derived from a 520 which is what the 414 and 421 use.   So my instincts are right.)
His opinion: AH3's P-51 sound is inaccurate.  
YMMV. 
I will let you know myself at some point.   I'm going to get a ride in the D with him next year.   (Not for free either.)