Ken,
The airframe in particular is a very late prodcuction P-51D, one of the last ever built by NAA. It originally came off the factory production line with the "Uncle Dog" antenna arrangement, fitted with the ARA-8 and SCR-695 radio sets, in addition to the SCR-522 radio set. Unlike the 'standard', or at least much more common, WWII-era P-51D's, this aircraft, as with others fitted with the same radio sets, had twin antenna masts on the aircraft's spine (for the ARA-8) and the SCR-522 mast re-positioned to directly below the aft most engine cowl panel (just forward of the center of the gear wells). This also resulted in the battery being moved to the engine compartment, where as on earlier configurations it had been mounted in the aft cockpit (for those that may not know, this results in the addition of that little vent scoop on the port-side wing/cowling fairing, and a drain line that exits out of the bottom of the aft starboad-side wing/fuselage fairing).
This was the same configuration as originally drawn up and employed on the P-51D's based at Iwo Jima for the ultra-long escort missions, and later refined and incorporated on very late production Dallas-built P-51D's, such as this particular aircraft. The aircraft served state-side in ANG units until it was retired and sold surplus to Ed Maloney in the late 50's - when purchased, it still had its ANG markings, which were painted over in temporary paint when flying the aircraft out, but for which was then removed to expose the original markings when Ed got it back to his place. When Ed got the aircraft, these antennas had already been removed, though in some photos from I believe the 60's, it did have the SCR-522 mast added back again to the lower aft cowling, for a time. With the antenna mounts/fittings still remaining on the aircraft, it might have been one of the reasons for inspiration in applying an Iwo Jima scheme to the aircraft, as when putting the antenna masts back on, the aircraft matches the same general external look of those Mustangs. In 2011, the aircraft had been stripped and polished for a Breitling commercial (though already painted with a yellow nose and rudder), and this led into the aircraft receiving the "Dolly" markings the year later, just prior to the POF 2012 air show (Tom Duffy had also just recently had his P-51D re-finished in early 2012, in the markings of another 506th FG Iwo Jima-based example, which may also have been some inspiration). The aircraft, when painted in the authentic 506th FG markings of "Dolly", also had the twin antennas added back onto the spine, and was even for a short time also correctly fitted with the SCR-522 antenna mast below the engine cowling (as seen here in 2012:
http://www.flickr.com/photos/50393882@N00/7525141506), but it has since come off again. Note in the photo linked to, where the modern VHF antenna is fitted just aft of the starboard-side landing gear well (an extremely common placement on Mustangs flying today), this is the location where the rod-antenna was located for the SCR-695 radio set.
For quite a while (prior to its 4th FG Maj. Goodson markings), the aircraft had been painted in 311th FG markings from the C.B.I. (yellow nose and yellow tail with two diagonal black stripes).