Honestly, if we had such advanced firepower by 1941, I think the Japanese would not have attacked us at all.....think about it--their entire goal was to strategically knock us out of being able to respond. If we had such long range superiority, they would have had to consider it heavily in their plans--it would have made us less reliant on carriers in the Pacific from the outset.
Now, on to Europe...
1--could go one of two ways....if Hitler saw the conditions for what they were, he would push for weapons like the 262 to be built as more of a priority than he really did....and the 262 in larger numbers could have overwhelmed the Mustang advantage. Remember, the 262 only really showed up once we had air superiority already. Imagine if it showed up earlier. The war would have come down to a race--our 51s securing the air vs getting enough 262s built to become more of a factor. Our losses would have been significantly less, which means a lot of things. We would not have had to build as many heavies to handle attrition, so even more production could have gone to fighters or even other weapons.
Or, it could have all been wrapped up two years earlier than what took place. Hitler had success only where the 109 was good enough to rule the air.....cut that off, and everything else falls too. The 109E was nowhere near good enough to handle the Merlin Mustang. With 51's controlling the air, the strategic bombing would have been more effective, sooner, which takes away the opportunities for Hitler to bring out new weapons like the 262 or 163. But more than that, tactical bombing would have been more effective as well. There would have been no Bodenplatte, because tactical air would have denied Hitler the tanks and equipment needed to stage a large offensive. Hitler hated being on the defensive, and when he was, his pride and anger caused him to make lots of strategic flaws, and I suspect he would have committed even more of these.
2--The P-40 was a good match for most of what was available in 1940, but not much more. If Curtiss could have made enough, there would have been no P-51, plain and simple. NAA was only approached by the Brits because Curtiss couldnt fill the orders. If they could have, the Brits would have simply bought them. Remember now, there were literally dozens of Us fighter aircraft designs that were in progress throughout the war. If anything, the 51 would have become just another contender. Many of the designs even showed promise but were not pursued as much due to the production lines being needed for currently available aircraft. Remember, by the time that the 51 was started, others like the 38 and 47 were already ahead of it.