This was photo was probably taken in the mid sixties when the aircraft was owned and flown by Dave Allender--a pilot for PSA. He participated in the Los Angeles National Air races (held at Fox Field in Lancaster,CA) in both 1965 and 1966. I'm not certain of his participation with this aircraft at Reno, though. This Mustang was eventually acquired by Howie Keefe and became the famous "Miss America" in 1969. The aircraft is nearing completion of a rebuild following an accident at Reno after a blown engine in 2002 at Reno. Dr. Brent Hisey of Tulsa OK has been the present owner/pilot for the last several years.
So this Mustang would be 44-74536, N5452V.
Everyone seems to leave out Bob Cleaves that owned 44-74536 between Allender and Howie Keefe. The red, white & blue color scheme originated with Cleaves.