I chased a P51D in a spit v for at least 10 minutes at around 20k altitude. The pony just couldn't escape, but was just too far to get a good hit on him.
The mistake he made was that he continued to make a shallow climb. It seems that the pony loses REAL fast to spit V if the pilot makes the mistake of climbing even a little bit during the extend.
I could reach D600 at closest from D1.5 when he started the shallow climb.. I put a couple pings on him but was finally forced to break away due to spent ammo and low fuel.
So, if you fly pony and meet a co-alt spit, make sure your pony is well trimmed and extend level or horizontally. Climb - and you die.