This time, we're going to be frugal, and came out with airforce(s) that is (are) much more affordable than historical ones. People were suggesting the Hs 123 as a cheap, but useful dive bomber, so it can be done. I'll toss in a fighter - Latvian diminutive I-16 (has nothing to do with Soviet I-16), powered by a 520 HP V12, supposed to do 480 km/h. The Italian Ambrosini fighters were supposedly very good for installed power of 750 HP. The French Caudrons were not judged as worth it, though.
'Proper' bombers will probably be tricky to 'design' on small HP.
Any thoughts?