The aircraft have a similar range and the twin engines will consume less fuel than four engined aircraft. The P3 Orion was developed from the Lockheed L188 Electra civilian airliner and the P3 Orion has very successfully completed over 50 years operational service and probably will complete another 20 years. The RAF Nimrod was developed from the DeHavilland Comet 4 airliner. The Russian Il38 May MPA was developed from the Il18 Coot airliner. Hence there is a precedent of airliners being used as a base airframe for successful MPAs. That's just the basic aircraft.
It's what goes inside and on the aircraft as sensors, weapons, computing, coms etc., that make the big difference. From what has been made available in the public domain, the P8 is a MMA hence it carries out more mission roles than the MPA role. It as a strong ISR component, a C4ISR or C5ISR capability, as well as a strong overland sensing capability not available in other platforms other than something like JSTARS or the R1 Sentinel. The P1 doesn't have that level of capability.