Tried it in combat just now.
Seems only usefull when being jumped by cons with alt adv. the 38 degree climb is definetely out of the question, in AH you will get sprayed at long range. I believe it will also work quite well if the con is coming at you from low area and has high speed (aka, after a power dive).
The result was, after an F4U and 109 jumped me from high 6, 109 having the highest E (dived on my 6 from straight above me), hog having slightly dived from 3k adv. First loop both planes did more elongated loops on the 1st phase, then as I got back to 350mph on the downwards portion of loop-then level for a sec... f4u and 109 were below me and gaining (their loops being more elongated made them exit their loop below me and faster than I was)...
I did phase 2 (split-s).. the hog and 109 again were too fast to follow me and shoot, their downward loops being again wider than mine.. the 109 seemed to have a problem getting its nose up (mustve been at 500mph while I was at 420mph). F4U , having a wider loop due to its higher speed exited the split-s on my far 6 (d1.1) and below me. Since phase 3 starts with a zoom up until 180-200mph, I did that... 109 was climbing real fast to me as was the hog, at 200mph I fliped the plane over... the 109 and hog were far too off-plane to be able to nose up and shoot me.
On the dive&level to start phase 4 I gained my 340 mph again, 109 and f4u at that point were higher than my tail and acelerating to me at d900+... split-s to do phase4, once again, the hog and 109 were too much off-plane and too fast to get a deflection shot on me.
At that point, I was about to zoom up and hammerhead (last part of manouver) when I saw enemy goon over my burning field... so I went for the goon at 480mph... at which point the 109 and hog shot me to hell when they exited their split-s at near lightspeed.
But I bet the last part of the manouver wouldve left the 109 overshooting me yet again, the hog may have shot me to pieces on the hammer.... yet the hog may have fallen for the hammer... who knows.
So I'd say this only works against LW iron and P-51's and maybe P-47's (quick e-bleeding on climb yet fast on diving). Might be good against Yaks and La-5's due to their speed and weapon ballistics.. and that they have to be close to shoot
WARNING: By no means EVER try this on a tiffie. Calamari whipped my bellybutton on his steroid pumped tiffie before I even got to phase2. 3 times!
and sure as hell dont even think about it against a n1k... it will turn inside your loop at 120 mph and at 500mph no matter what.