Is your P-51-D a full-size replica, or scaled down? If it's scaled down is it from a kit? If it's a full-size replica then the X is legal. If it's scaled down and built from a kit, only if the original prototype of that kit flew at least 30 years ago can you use the X as a replacement for the "EXPERIMENTAL" marking. If it's a scaled-down replica that you built from plans or from scratch, you need the "EXPERIMENTAL" placard.
Remember that even if you determine that using the X in the N number is legal in your case, you do not use it on any of your paperwork. It is only used in marking the aircraft. If you put it on any of your application paperwork you'll get the application bounced back to you.