Yes the T34/85 is the best choice, and should not be perked. The Gun on the T34/85 is comperable in preformance to the 7.5cm kwk 40 L48. So in short both the panzer IVH and the T34/85 could kill each other with out to much dificulty, but their is more to this than just this aspect of AH.
But it has no AA MG, howeaver it does have a typical top armor thickness of 20mm for both the turet and the hull, which should make it almost invulnerable from all strafing atacks, and it posses better overall armor than the Panzer IVH we have thuse making it less vunerable over all to air to air atack.
While the T 34 is clearly a better choice and one I would most likely make it terms of personal favorates, I would have to say that objectively, the Sherman (M4A3) would be i think better, simply do to the fact that it would be on more of a par to the panzer IVH in over all game terms. The Sherman and the Panzer IVH would both easly kill the other toe to toe, or about as easly as the Panzer vs panzer match up's we see now. The Sherman is about as vulnerable from the air and thusly would be a better match.