The sight your talking about, is called a "Ring and Post". They were just a back-up sight for the pilot if the reflector sight quit working for whatever reason. P-51s, P-47s, P-40s etc. etc. all had "Ring and Post" sights. So in game, unless they added the affect of the reflector sight going out, then the "Ring and Post" sight is just useless.
And what I do to compensate for the Soviet fighters reflector sight. Just get in close enough to the enemy, that you can just open up. I always fill my sight with my enemies plane. Then I just let loose!! And another way of getting the Soviet fighters sights to work, is using the zoom. Then the little bars aren't so thick, and you can deflect better.
Though I've already seemed to have mastered the way of deflection without having to zoom.