either the 'P' or the 'H'. ~5000 lbs could be carried internally, rather the the Ju-88's 800 kg (?), with a combination of internal and external.
Please correct me if I'm wrong. 
You are extremely wrong.
It could carry 2000kg internally depending on the version, or it could carry 2 large bombs on external racks. The external racks could carry 1 1800kg (i.e. same as the Stuka's big cookie in-game) or 2x 1000kg bombs. Note, however, that the external mounted racks covered the bomb bay doors almost entirely, and you could not carry internal ord with external. It was simply a consideration that the vertical racks inside the He111 were small in size. Even if they could hold the bombs' weight, they couldn't fit the bombs' size, so they put the bombs on external racks.
The He111 is not important because it is better than the Ju88. The Ju88 is generally easier to produce, serverd in larger numbers and in greater roles, carried out more tasks, and carried more bombs higher and faster.
The He111 is important for an early war bomber with lesser capabilities before the Ju88 was as common. It is vital to have a slower bomber for a Battle of Britain scenario or any other Battle-of-(fillintheblank) from those early years. It was also found in other theaters.
