Yes and no. The 109E can get very slow, and keep a tight turn radius. If the Spit V turnfights you, and you manage to get to at least a nuetral state angles-wise, you will probably win the fight. If there is only one that is. If the Spit V bleeds off your speed and then takes the fight vertical, you don't have the horsepower to keep up with him. The only times I was successful against a Spitfire in the 109E were when I managed to get a newb to take the fight into the weeds and try to turn tight circles.
The 109E really isn't very well suited to our '45 MA. It lacks all of the advantages the later 109s have, and in return it gets turning ability that is about on par with the Spit V. However, it has somewhere around 1/4 the firepower, and it rolls like a 9000 lb woman.
In summary, if you are not into the hit and run, you are better suited joining the legions who fly the Spit or Niki.