I've owned an original (very well built) T-18 and two RV4s. I currently own an RV6. All were purchased as flying aircraft. I've flown several Mustang IIs, and had a M-II project for a while, many years years ago. Only thing I actually built was the flap.
I consider Thorps to be great a/c for the money, but are typically a bit slower than the typical RV at the same HP. Standard construction is with pulled rivets, so that alone will cost a bit of speed. Cooling drag is likely to be a bit higher, if the original cowl design is used. The really short wingspan costs a bit of cruise speed at altitude, and causes a higher sink rate in approach (induced drag, both cases). Not that the RVs are immune; just that it seems to affect T-18s a bit more. Actual stall speed is similar, but the T18 tends to bleed off speed quicker.
Mustang IIs (also a great value) can be quite a bit faster than RVs, and can have stall speeds fairly close (but higher) than RVs, but it's highly dependent on build quality. The wing's airfoil has a relatively sharp leading edge that can be hard to home-fabricate accurately, so stall speed and stall behavior can be highly variable among the scratch built examples.
Flying qualities of well built examples of either one are no worse than an RV, but they are...different. Anyone coming straight from a Cessna or Piper will likely find them (and RVs) to be quite a handful, and if there are build quality issues, it'll be worse. On the other hand, I learned to fly in a Luscombe 8A, transitioned directly to the T-18 with about 80 hrs total time, and found it a joy to fly; easier handling in many circumstances than the Luscombe.
All the 'somewhat', 'a bit', etc are unquantified because there is so much variation among examples of both the T/S-18 and the Mustang II. To be clear, I'd be grateful to own a well built example of either one, and either would likely cost quite a bit less than an RV-6 with the same build quality (in some cases, as little as 1/2 the price).
I lost the T18 to a tornado that hit Westheimer Field back in 1992.
I sold the M-II project in favor of starting an RV7 to get a bit more cockpit room, easier build ('everything's in the box'), more widespread support, greater payload, and greater likelihood of meeting performance specs. The -7 remains a work in progress while I've owned/flown the other RVs.
My choice has been the RV family, but based on my experience, I can totally understand someone picking either a T-18 or a M-II as their project or purchase.
Charlie