Whoa there fellas.... remember to look at the big picture.

At the muzzle, the average .30 cal in AH does .3 of 1lb of damage. At the muzzle, the 20mm Hispano does 4.0, so it is obvious that on a round by round basis the 20mm Hispano wins. However, take in to consideration the rate of fire (apprx 2 to 1 in favor of .30 cals) and the type of combat involved and the difference my not be as drastic. As Looshy already pointed out as the distance increases the advantage favors the 20mm warhead more and more because it is not effected by velocity like the FMJ of a .30 cal bullet.
So, ultimately we're comparing an apple and an orange. Pick your poison but whatever anyone does I highly suggest to not discount the 8 gun .30 cal platforms and certainly do not discount the 12 gun .30 cal platform in a knife fight. There is a dump truck load of lead heading your way. On the same token, once the ranges extend beyond 400 yards (600 yd icon), the danger is reduced drastically so either hold your fire if you're the firer or breathe easier if you're the target.
As with any weapons platform that replies on MG's firing FMJ ammo, concentration of firepower is a necessity unlike an HE or frangible warhead fired from a cannon. If you're in a Hurricane, Spit I, P40C, P39D, C202, I-16, or other such platform that relies on lots of .30 cal weapons I suggest to keep the convergence short and shots at that range or closer.