Sorry RC,, I'm going to have to call this one a wives tale. and I haven't done the math yet,, but
A plane is flying in a dive at a given speed. The plane fires it's cannon. The plane dives farther down, turns up the power and is now accelerating. The cannon projectile is now decelerating due to air drag. At some point the projectile will reach terminal velocity and just be falling. Since I don't know the cannon size I can't calculate that speed. BUT, we know that terminal velocity on a body thru air is actually pretty slow. (relatively speaking) (see Mythbusters when they determined that a penny dropped from the Empire state building would not be lethal.) In the amount of time it would take the airplane to accelerate and pass the projectile, the projectile PROBABLY would be travelling pretty slow.. if the airplane then was pulling up out of the dive its upward speed would also be pretty slow. The relative velocities of the 2 would be not enough to really damage an airplane to "shoot it down".. dent it? maybe? tear a hole thru a wing. NO. This is just off the top of my head.. so,, I'll gladly read some facts.. but it's kind sounding like trying to shoot a bullet with a bullet easy.