The Jug had much more hitting power in reality than it does in AH (as do all .50cal planes). It didn't need 20mm guns. 8 .50s have the same or greater killing ability than x3 20mm. Plus the sheer volume of rounds flying at a target in a given ammount time virtually insured damage to any aircraft it hit. I've read accounts of Jug pilots blowing up...
-Trains. Try and think of how much natural armor the boiler on a steam engine has.
-Barges. By punching gaping holes in it below the water line.
-Tanks. Shooting through the engine compartment.
The way I understand the damage model in AH is that you have to do "X" ammount of damage to an object to make a part fail (control surface ect.). This requires that you "stay on target" longer with .50s than was probably needed in reality. There are all sorts of parts to foul up in a wing, tail, fuse, or engine when 8 rounds hit it and bounce all around vs the one 20mm that may hit in the same time frame. This would, at least, IMO make the bird much more difficult to fly if not bring it down just as easily.