I'm digging this thread out just to clarify some things for those who might have a similar question.
Summary
We cannot use $\mathcal T$. Space-like four-vectors are essentially like $(0,x,y,z)$, so we can ignore the time and do three-dimensional rotations to get $(0,-x,-y,-z)=-(0,x,y,z)$.
A la Valter Moretti
As Valter Moretti already pointed out, you cannot just apply $\mathcal P\mathcal T$ to get $(x-y)\to-(x-y)$, because $D(x-y)$ is not invariant under $\mathcal T$.
So the challenge is really to do $(x-y)\to-(x-y)$ using only proper orthochronous Lorentz transformations $SO(1,3)_+$ and $\mathcal P$. This is only possible for space-like four-vectors.
The point about space-like four-vectors is that there is a Lorentz-frame where $t=0$ (boost with $\beta=\frac{t}{|\vec x|^2}$), and in such a frame the parity transformation
$$\mathcal P:(0,x',y',z')\to(0,-x',-y',-z')=-(0,x',y',z')$$
looks just like an inversion. So what you can do for space-like four-vectors is
$$
(t,x,y,z)
\overset{\Lambda}{\to}(0,x',y',z')
\overset{\mathcal P}{\to}-(0,x',y',z')
\overset{\Lambda^{-1}}{\to}-(t,x,y,z)
$$
The difference between this transformation and $\mathcal P\mathcal T$ is that the latter takes all four-vectors to their inverses, whereas the former only a (three dimensional) subspace of the four-dimensional Minkowski space.
A la Peskin and Schroeder
You can actually achieve the same without using $\mathcal P$, that is only with $SO(1,3)_+$ transformations. This means we can continuously bring a fixed space-like vector $p$ to its inverse $-p$. Just do the following steps:
\begin{align*}
(t,x,y,z)
&\overset{R_1}{\to}\left(t,\sqrt{x^2+y^2},0,z\right)\\
&\overset{R_2}{\to}\left(t,\sqrt{x^2+y^2+z^2},0,0\right)\\
&\overset{B\left(\beta=\frac{t}{|\vec x|^2}\right)}{\to}\left(0,\sqrt{x^2+y^2+z^2-t^2},0,0\right)\\
&\overset{R_\pi}{\to}-\left(0,\sqrt{x^2+y^2+z^2-t^2},0,0\right)\\
&\overset{\left(BR_2R_1\right)^{-1}}{\to}-\left(t,x,y,z\right)
\end{align*}
In view of this one should really say that space-like vectors are like $(0,x,0,0)$.
Conclusion
Space-like four-vectors should be thought of as $(0,x,0,0)$, and since there are three spacial dimensions, there is enough room to rotate this vector in any direction. This allows us to invert space-like vectors just by using proper ortochronous transformations $SO(1,3)_+$.
Time-like four-vectors are like $(t,0,0,0)$. There is only one time direction, and hence no rotations are possible. Hence the only way of getting $-t$ is to use time inversion $\mathcal T$.
Short, because there is only one time dimension, but more than one space dimensions, we can invert space-like four vectors by continuous Lorentz-rotations, but not time-like.