You sorta glossed over some of my important points. So, I'll expand upon those (probably too much) in order to make them a bit easier to see.
If one of the requirements for Meredith is a pressure differential to move air through the radiators, allow me to present Exhibit A.
Notice how each radiator is angled and sealed on the intake side. If teams didn't take any measures to control the pressure differential between the front of the radiator and the back of the radiator, cooling flow would either fill the sidepod inlet and spill over the sides if air flow couldn't pass through quickly enough, or it would pass through too quickly and only through the rear-most portion of the radiators. Neither seems very efficient to me, yanno?
So, how do teams then regulate sidepod pressure? I'm glad you asked.
Exhibit B
The red arrows constitute what I'll call a "relief valve" on the exit side of the cooling system. Teams routinely add vents around the cockpit, top red arrow, when ambient temperatures require more cooling. Those vents are fed by an inlet, bottom red arrow, that's effectively behind the radiator even though it's physically beside the radiator, because the cooling flow it handles has already passed through the radiator.
The physical characteristics of the vent, its size and shape, determine the rate of air flow that passes through it, which, in turn, helps to regulate the overall flow rate of the cooling system. The overall flow rate of the cooling system determines the temperature of vented cooling air. Simply put: for any given ambient temperature, a relatively high flow-rate through the system results in cooler vented flow, because it's heated for a shorter period by the radiator, and a relatively low flow-rate through the system results in warmer vented flow, because it's heated for a longer period by the radiator.
(Incidentally, the yellow arrow points to what I think is a portion of a sealing structure that helps to seal the exit side of the system when bodywork is attached.)
For the same reasons listed above, the various vent solutions below will affect overall flow-rate. (Ignore the red arrow.)
All of these factors will contribute to Meredith's requirement for a temperature delta in the system.
Still with me? Outstanding. (Because, I'm not quite sure
I'm still with me.)
Even if the effect would be the same, then still it's overall effect wouldn't match. Like Just_a_fan says; On the Mustang, the cooling system contributed to a much larger percentage of the drag created than F1 cars. F1 cars have those big, cambered wings and open wheels contributing to a much larger portion of the drag created than the cooling system.
So while on the Mustang it had a large effect on the overall drag, on an F1 car it would not.
Exhibit C
Meredith has the same effect on drag reduction as the unique sidepods found on the MP4-26, and that's why it makes sense to do it. While the cooling system of the Mustang represented a significant percentage of the plane's overall drag, the frontal area of a Formula One car's sidepods represents a signigicant portion of its overall drag. The thrust produced can virtually cancel it. Plus, you can use it to blow the edge of the diffuser to increase underbody aero efficiency.
Again, a gain of even 0.1 to 0.2 seconds makes this whole thing a grand slam in F1.