I posted a similar question here:
http://forum.1cpublishing.eu/showthread.php?t=29432
and got some pretty good feedback on using CEM. Since following that advice, I've had several successful catch-ups with enemy bomber formations, and in fact have found myself having to slow down while chasing (which is its own kind of fun. I was actually gliding for part of my attack run because this limping bomber HAD to be taken down and I didn't feel like making another pass).
Without CEM I'm I'm surprised you've having these problems -- I've never run without it but my understand is full throttle without CEM = optimal max speed. Strange.