I like it, nice color selection.
Here are a few areas I'd change/adjust:
You need to add the small scoops to the side of the forward cowling. The bump map is great for replicating these details.
The yellow on the lower cowling did not come higher than the exhaust stacks.
This aircraft did not have the kidney shaped bulges on the tops of the wings. Also those bulges are only on G-4 and later 109's.
Change the cannon muzzle from gray/silver to black. It will improve the look of the spinner from the front.
I think the gun smoke in the MG trench is too dark.
Here's a very esoteric detail: there is no horizontal panel line on the engine cowling. It is a carry-over from the K-4 template.
Nice to see you skinning again.