The Navy went as far as doing tests of performance between the Corsair and Mustang. They found that the Mustang could only out-perform the Corsair above 25,000 ft, and below that altitude they were simply tied at best. The Mustang had the advantage of having a much lighter airframe, but once arresting gear and wing-folding mechanisms were added to the aircraft, greatly increasing its weight, it would have trumped any advantage the Mustang had over the Corsair anyway. That in combination with the Mustang's rather high wing loading when compared to typical Navy fighters, canceled any further investigation into whether or not the Mustang could have been a Navy fighter.
While I am partial to some other Mustangs, it is great to see this adaptation done! There have been a number of profiles of just such Mustang "what ifs", and it definitely looks great in overall blue - the weathering is superb as well. Excellent job Dave!