The panzer 4 was made as a support vehicle for the panzer 3 when the new doctrine of the armed forces was being envisioned.The thing is though that the panzer 4 had a gun,at that time,that could easily fit on the panzer 3 and that was latter proved with the panzer 3 N version.Furthermore the panzer 4s armor design made its construction a lot harder and from what i read the panzer 4 was a really complex design and latter on it became easier to make a panther,i will that of course to you to answer for me.I also believe that the pz3 had further upgrade potential than just the L60 50mm with some redesigns and of cource some changes.
So heres my proposal;
1)design and make a gun similar to that of the zis 30 or make an L70-L80 50mm gun (or a completly new 60mm)
2)make the frontal chasis armor slopped instead of flat and up it to a single 70mm plate 40°
3)make the turrets armor sloped in an e100 like way 70mm 40° as well and and insted of the "deflated" design of the sides of the turret make it a bit bigger for more room
4)remove the machine gun on the frontal chasis armor and add a second one on the side of the gunner (or remove the 3rd machine gun completly)
5)make the commanders cupola tiger 2 E like (aka smaller) and add a 15mm mg just for the extra spice,the americans have the .50 wich is 12.7mm so a 15mm is not that bigger
6)make the personal stuff carrier on the back of the panzer 3 part of the turret and move the commander there so that theres more room in the turret and so that he control the 15mm gun better and so that a smoke launcher mortar and top turret hatches can be added
7)make the shurchen armor 15mm instead of 8mm thick so as not to fall of with every single bush it stumbles uppon
8)make the side armor or the turret and chasis 40mm
9)make usable night vision earlier for tanks so that night battles become more of a thing
10)create some sort of an amfibious kit for it so that it can cross anything
11)add a stronger engine
12)if the need arrises and for heavier enemies they could make some sort of an apds,because apcr is shit against sloped armor
13)add a better suspension and wheel design
14)as things progress a stabilizer of some sorts would be amazing,just like the one on the shermans
15)later on if the guns of my panzer 3 pushed it further a rangefinder would be nice but redesigns would be nessesary
16)of course with all these changes make a stronger better suspension
17)roof armor like the addons on the t34 would be nice but i dont know if the suspension would have place for more armor
18)due to the angled frontal armor move to maybe the sides the hatches for the maintenance of the suspension
Now i know that that would be a different tank in many ways but the basis for all these upgrades would be on only one tank chasis that of the panzer 3.I believe that if the chasis was a bit widened it could fit a turret able to house even a long barreled 75mm but i believe that smaller guns with a better design,as i said earlier,like the one on the zis 30 could do the job with a few differences.I believe that the panzer 4 should be a completly new tank like the panther or some type of a tank with the e100s chasis and a panther or tiger 2 gun.
I would also like to know what 70mm guns with high velocity shells could be used on a smaller tank with the pen of that of the long 75 of the panzer 4 we all know.I have even seen some plane guns the luftwafe used on irs planes of the 70 mm caliber that had good pen and look small enough even with their autoloader to fit on a tank.I may be wrong but they looked like good candidates.
My panzer 3 would have been viable to fight anything but the is2,pershing or something like that would.But those tanks would face the panther or tiger 2 e100 thing i mentioned.
I also believe that having a single chassis for turretless destroyers,artyleries,infantry fighting vehicles and of course tanks would be amazing for ww2 germany.They would have a standart panzer and not 10 designs.
At some point i will add some drawings and hopefully some scale models

Lets have a nice talk