The biggest problem the EW arena had (and still has) was not the planeset redundancy or having not enough planes at all (note that the addition of P-39, I-16 and Brewster did - contrary to the predicitons of some - not help the numbers in any way) but the very neglected arena settings.
EW has the very same settings as LW (notably field and ship ack), but with much inferior equipment. And for years the Hurri IIc was utterly dominating EW both in numbers as well as K/D, but still had a much higher ENY than many other planes, whereas in LW it would had been perked after a week.
And another word on the planeset redundancy: Many, if not most players taking up an EW ride in the LW do not only do it due to their love for that plane alone - The fact that you can take up the Hurri I, 109F or whatever to fight late war uber rides like the Spit 16 has a huge influence on that decision, this is what makes up much of the appeal. For example early in this tour I did a few very satisfying sorties in the 109E-4 in LW, but if it had been available in EW only, I would not had gone there to fly it.
Brewster/i-16/P-39 fans and curiosity seekers could up them in the LWAs, and therefore there was no reason to go to EWA or MWA to try them. Had the plane sets been exclusive, they may have been a draw into those arenas. Without the exclusivity, I don't think we have (or ever will have) evidence either way.
IIRC the Hurri IIC was at the time one of the perk farmers of choice, and it being unavailable in the LWA caused the most angst. If it suddenly wasn't available, people would complain again. Would they switch arenas in order to fly it? Or just complain and fly a Spixteen in LWA instead? I'm not sure. I suspect a mix, but have no way to prove it.
There are those like yourself who want / need an asymetric fight to enjoy the game to its fullest, and for them taking an EW aircraft out against the LW monsters is appealing. That would need to be balanced against the stated goal of improving an overall spread of players between EW, MW and LW areans.
I completely agree about the arena settings, especially the 1945-type AA from the CVs. It is a problem that IMHO should have been addressed in some manner a long time ago.