Granted I haven't dedicated more than 20 sorties to this plane, I found it not to my likeing. Not all that great in the vert(compared to the k4 obiuosly it's not going to be as great.)
When you fly it out of it's comfort zone, you cannot get the full scope of the craft. It is more than capable of hanging with Late War rides in most scenarios. It is going to come down to how well the stick knows what advantages he has and can he seize the opportunity. Comparing a Ki-61 or most Mid-War rides to a K4 is nothing short of asinine. However, if flown properly, you can shoot many K4's down. The Ki-61's have some of the fastest firing cannons in the game and are a dream to fire in deflection shots. You have very good control in dives up to 500 IAS, including rudder. It's turning radius is good and flaps aren't even needed, as long as you pay close attention to the airspeed. If you hang on the prop a lot, you might be disappointed. It is one of the most underrated perk farmers in the game.
Tongs can handle the Ki-61 in most situations with exceptional skill. When I flew it, I rarely went over 6k and ended up on the deck. It is a great plane in capable hands.