I don't think that transports with conventional bombs would be that effective, too much accuracy is needed for anything other than general terror bombing. There are other options if you have fuel for aircraft in my opinion. It depends on what you want to do tactically:
1) Terror bombing: what about barrel bombs? You could use an improvised FAE and drop it on a reasonably low and fast run. There are many risks but the nature of FAE makes it less necessary to be accurate.
2) Harming civilian population: set up some light aircraft as crop-dusters and dump chemical weapons on them.
3) Taking out point targets:
Equip a transport as a gunship, it comes in low and slow and takes out any enemy AA. This will still leave ground troops, but firing back at something like a Spooky would be scary (well, I imagine so)
Then you bring in your second transport with a barrel bomb or a big conventional bomb modified with a parachute or something to slow down the drop and come in as low and slow as you can, Spooky suppresses the ground fire and you drop the big bomb on the target.
In places like Africa, if I had fuel for aircraft I'd rather use it for scouting for my ground troops than attacks anyway but if you had enough to run a few transports as well I'd go the gunship route.
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