Neil,
As I understand the P51 did have one speed range when the inlet size, the expansion duct, the heat load from the radiator and the exit duct could have made some additional thrust. The whole design of the inlet and exit duct system and radiator is probably beyond most of us and the cost when compared to just a water tank and a big water pump probably is not worth the effort.
Tauruck,
Your motor sounds pretty serious, just remember that you want a lot of water circulating through it to make it live and also plenty of water pressure. I always go by my friend Stu Van Dyne's water rule, 10 gallons per minute per 100 horse power which means a pretty big pump if you are looking at 1000 + hp.
Rex