The "Mustang Mustangs" site has 44-74204 (the aircraft pictured in this thread) listed as under restoration, but there are no details (and that may be an old entry).
John Turgyan's P-51D 44-63577, on the other hand, is progressing closer to completion at Midwest Aero Restorations, and as mentiond by T J Johansen, it sounds like it will be finished in the markings of "Passion Wagon". Knowing Midwest Aero's work, it will be an absolute stunner - completed to the highest level of accuracy and authenticity. With Midwest Aero's track-record for completing a new Mustang and debuting it at Oshkosh every two years (2002 - Cripes A' Mighty, 2004 - Daddy's Girl, 2006 - Red Dog, 2008 - Happy Jack's Go Buggy, 2010 - Live Bait), I'd be willing to bet that we'll be seeing this aircraft at Oshkosh this summer (too early to start an Oshkosh 2012 thread? ; ) ).
http://mustangsmustangs.net/p-51/?survi ... l/44-63577"The original"
