Yeah.... its expensive of sorts. Looks like a well built model though. Appears to be a glass fuselage, so might be worth the investment as a nice sport plane.
TT36 pro engine....
http://www.acehobby.com/ace/TTR9130.htm
you could also consider the Magnum 36 as well .... runs fairly well, and for $69 its not too bad of an investment.
If it builds in at 3.5 lbs with a .25 or .30 up front the wing loading would be good, and it probably would race fairly well. If everyone is running the same engine and airframe, that levels the field. Spec racing at its best.
Its not going to be lightning fast, but thats not really the point of warbirds or club racing.
A suggestion..... keeping in the same spirt that you started the thread with..
This plane is cheap, and tends to move just fine with a .25, .28 or .36 size engine......
http://www.hobbypeople.net/gallery/123571.asp
Its available in 3 differnt colors...... no retracts....... just basic ARF stuff. And it is basically designed for club racing.
In fact... here... look... you can get the plane and and engine for less than $160 - and free shipping..
http://www.hobbypeople.net/combos/999012.asp
A few have crammed .40-.46 engines in this design .... but as Dave suggested with your P-51 selection, it just comes out heavy and is not all that blazing fast..... sorta a waste of time. The plane was designed with the smaller engine in mind in the first place.