Flown properly, the Hellcat will dominate. However, it has to be flown properly. Make a mistake, and the Zeros can jump all over you. I'm a case in point. When I concentrated on dive bombing then rocketing and gunning fields I eventually got smacked by a Zeke (or Ki-61) diving in on me and making me blow my E a bit for the next IJA/N guy to get me. When I was forced to drop my ord early and evade and fight... I waxed 4 Zekes/Ki-61s and got 2 assists on others. Didn't get touched. Kept the 'Cat fast, turned when it wouldn't get me killed, extended to regain the E afterwards. My comment on range channel when I landed... "The Hellcat isn't fair in here!"
It has the ability to dominate, but more often than not, it won't. Just like the Val is an easy kill if you don't turn with it, but most people start trying to stall fight it, and they get BB'd to death or auger.
The setup is fine, it offered choices in the Pacific setting. I got to fly Zekes against things one night, and I got to fly both 'Cats. Sometimes it was a good early setup, sometimes it was a mix, others it was more late war.