killnu,
Why do you think the trajectory of the Hispano is so much better than that of the MG/FF? They're both 20mm cannons after all.
20 X 80RB MG/FF 20mm cannon: 600 m/sec muzzle velocity
20 X 110 HS404 20mm cannon: 880 m/sec muzzle velocity
37 X 145R M4 37mm cannon: 610 m/sec muzzle velocity
37 X 195 NS-37 37mm cannon: 900 m/sec muzzle velocity
The faster it is going when it leaves the barrel the flater the trajectory will be. Rate of deceleration will depend on the drag coefficient of the round, but the initial flight trajectory is dependant on muzzle velocity. Take the Bf109E-4 or A6M2 and do deflection shots against the drones offline and then do deflection shots with the Spitfire Mk V or Hurricane Mk IIc. The Bf109E has MG/FF cannon and the Spit and Hurri have Hispano Mk II (HS404) cannon. That'll give you an idea of how different the trajectories are based on about a 300 m/sec muzzle velocity difference.
As to the firepower, that depends on the explosive content of the round. It varried a lot within a given diameter depending on the design of the shells. The Germans in particular were good at loading a lot more explosive into a round.
What we are getting at is that if you base the M4 37mm's possible behavior on the NS-37 of the YAK-9T you are going to be very disappointed. It will be much harder to hit with and will do less damage when it does.