I have actually thought about the H75 as well. In fact, go with something similar to the H75N with fixed undercarriage as an Army Cooperation aircraft operating off rougher fields and not trying to be a fighter. Arm it with cannon and bombs to also operate in the CAS role - much like the Ju-87 TBH.
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Re the Madsen 20 mm cannon, supposedly there was a variant, the Madsen F5, that was designed as an anti-tank gun. It supposedly was a fully automatic weapon, with a 15-round magazine. At 100 m, it was able to pierce 42 mm of armour, and 32 mm at 500 m.
While perhaps not spectacular against later war tanks, for 1939/40 against Panzers I/II/III/IV it would have been effective, especially if not only going against frontal armour. And consider:
- Panzer I armour thickness: 7–13 mm
- Panzer II armour thickness: 5–15 mm
- Panzer III (only available in small numbers in the timeframe we are looking at) armour thickness: 15–30 mm
- Panzer IV (again, only available in small numbers in the timeframe we are looking at) armour thickness: 15–30 mm
- Panzer 35(t) armour thickness: 8–25 mm
- Panzer 38(t) armour thickness: 8–30 mm