I think the limitations of the lightning stemmed from the fact that it started as a research aircraft which was then modified into a fighter once they realised just how fast it was.
Both the Spitfire & Lightning suffered from reduced range because they were true local defense interceptors.Once the threat is identified by radar you get up there pdq and deal with it. When the missiles/ bullets are expended you get back down for a reload. Any extra fuel just inhibits the climb rate.
Pity the Air ministry never looked past this scenario, even when the advantages of the US long range fighters were evident by the end of the war.
As a display plane, nothing could touch it for sheer spectacle. The Phantom pilots put up a good fight but the extra weight meant that they could never quite beat the Lightning as a display plane.
The Gnats were a similar breed, so light that the Red Arrows displays were incredibly compact and something was always happening.