And considering the panther gun vs sherman side is a very extreme case (IRL 124mm@500m versus 38-45mm sherman side), I do think the new settings are still conservative, maybe the minimum damage should be enhanced.
Oh dear, the Sherman side armour is 40mm indeed, not 60mm. I don't have the internal developer version installed, so I can only look at the text files in the online repository. And those text files only list the materials used, not where they are used. I just assumed 60mm would be the side without checking.
So 40mm is mat 126 and the damagemod for 330 126 is 15.75. The correct values for the Sherman side armour are:
Damage at 0m: 1968 hp to side.
Damage at 300m: 1370 hp to side.
Damage at 600m: 772 hp to side.
So since distance modifier is linear, you lose 2.0 hp of damage per metre, so beyond 484m you will need 2 shots.