For a N. African setup, its a fair setup. I dont subscribe to the 100 percent balanced thing to begin with but I have a few comments.
The MC202 is far and away the better fighter to the P-40E, you dont need to "explode" the P-40 with 4 x 20mm cannon to shoot it down. All that LA-7, Fw190 MA flying leaves people thinking you have to have batteries of cannon or the armament sucks. Not true. A P-40E is not a B-26 or an A-20. You dont need that kind of firepower to down it.
As for the 109F, yes it was there, but so was the slower MC200 and the Fiat G50. To just give the axis the 109F and MC202 (the very best they had) and not have any representation of the relative #s of those planes will lead to a setup that is too far out of balance to be playable.
Same reason the CT setups featuring "Normandy" usually dont have the Tempest (that I have seen)...even though it served in the campaign.
I like flying the P-40E, its not uber, but its a close enough match if you fight with a friendly near you.