Projectile drop over time is constant. In other words, a .50 cal will "drop" the same as a 30mm in an equal amount of time. Doesnt matter if you define drop as decent from a level trajectory, *or loss of rate of ascent. It is still a product of the acceleration of gravity. So what it comes down to is 'time of flight to target'. That will depend on muzzle velocity minus the projectiles parasitic drag over time.
So if you have a spit with .303s convergence set to 400 yards, and 20mms set to 400 yards, the game will elevate the barrels so that their respective trajectories will decend through the center of your site at that range (within dispersion tolerances). The exact time of flight to target is going to be different for each respective gun type though. The .303 gets to the target faster, so it has a flatter trajectory. The 20mm with a lower muzzle velocity, and higher parasitic drag takes longer to get to the target, and needs a higher inital trajectory to reach the target a the same elevation.
The problem is that in Aces High you are firing from a moving platform, usually on a moving target. Depending on the time of flight of the projectile, the target may be there for the higher velocity rounds to hit it, but not be in the same location by the time the lower velocity rounds get there.
The suggestions to use the .target are a good start. Here is a discussion that touches on these topics
>>click here<<. Sorry, cant help on a chart of round drop over distance.
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Considering a reasonably level trajectory. Obviously if drag and gravity are acting aginst a projectile from nearly the same vector, the high drag projectile will "drop" or "drop off" more.