Kinda limited use - you would get better use out of the Curtiss P-36 Hawk or the Brewster F2A Buffalo. They saw a lot more combat action.
They saw extensive action with the Chinese Airforce but you're right they saw limited or no action with other Allied airforces. The Aussies used it as a photo recce plane only, with the Chinese being the only ones to use it in combat.
In AH, the Lancer would be competive in the Early War arena and would probably also see some good use in the MW arena and as Husky pointed out, for scenarios set in the CBI theater.
And while we're on the subject of early war planes, the P-38F would also be a fantastic choice, in fact it would be the 2nd smartest decision ever made by HTC (#1 was adding the P-38J).
ack-ack