Always the same basic question: Is it about balanced gameplay or historical flavour?
If both sides fly Solomons historically, that is if the Japanese fly point defense and the Allies fly aggressive local air sup, then F4U-1 vs Ki61 is eminently playable. The Allies can survive any fight, but can they control a sector? The Japanese can control any sector, but can they survive the fight?
If everyone just furballs, well that's a different story. I don't get the people who complain that the Japanese just end up chasing dots. You shouldn't be chasing them! If they are running away, you've won! Grab and do your CAP dog legs. If they come back, make them run again. Ask yourself: Could they get bombers through right now with us intercepting them? If the answer is no, you're doing splendidly. If you ask yourself how many corsairs you've shot down, you're asking yourself the wrong question.
If Squire's setup was in effect, I would fly Japanese all week.