For hispanos, i most times shoot at d200-d400, as its fairly easy to target in that range. but ive also managed to kill a 110 from 800 out (but more luck in hitting than anything else). BTW, thats also where i have my convergence - 225)
For 303s the question is way more difficult.
Technically on the MGs the range is greater, their ballistics make it more easy to hit at greater distance as well.
Now the big BUT: my experience in Hurri Mk1 is that the spreading of the bullets is a lot bigger the further the target is away. And since one single bullet does next to no damage you need to concentrate the hits in one point. Meaning: Ive easily sewn the wing of a spit at d100-d200 where as ive peppered another one from 600 out with two thirds of my ammo, getting lots of hit sprites but doing no visible damage (except tons of holes i guess

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So in my (admittedly little) experience you want to be very up close and personal when going for a 303 kill - having your convergence at about 150.
I never shoot both together, since they have fairly different ballistics. and unless the target practically fills your windshield, one of them will miss (usually the hispanos).
The best advice is probably going offline and do some targeting experiments with different convergences/shooting distances. Then try different settings in MA and see what works best for you.
You also have to give your 'targeting eye' time to get used to different ballistics of the various MGs and Canon types.