Well, based on the configuration in which it actually flew the F5F would not have been very useful in Europe. Its best speed at altitude, 380 mph, occurred at only 16,500 ft.
But in the Pacific it would be a different story. 380 mph was as fast as a Hellcat, and nobody was going to outturn a Zeke anyway. But the kicker was its climb rate, up to 4000 ft/min, a lot better than a F6F. It could have both out climbed and outrun a Zeke and that would have been enough to make it very valuable. The four .50 cal guns would have been fine for dealing with Japanese aircraft. Too bad they never got the landing gear to be strong enough. .