It's always an interesting discussion to hear the various theories and see what the snipers are using. I'm almost embarrassed that my aerial gunnery is so bad as Uncle Sam taught me how to shoot and I never shot any lower then Sharpshooter, always just missing Expert. Here's a little something from the book I'm reading.
Douglas Bader wrote that after experience the RAF recommended setting during the BoB was 250 yards (228m) and that the experienced and successful pilots used 200 yards (183m). These were found to be the optimum range for maximizing the .303's power. Axis MG's would fit into this theory quite nicely if you take Sir Douglas's advice.
Been playing the "Hurricane Season" campaign and it has made a difference shooting at bombers. I almost never use anything over 250m even with cannon as a lot are low velocity and will start dropping even in that distance. The only exception is nose mounted guns I'll set out longer as the convergence for a concentration of power is not as important.