Personally I think 4-3W-1-2 is a very good & balanced formation despite having only 1 MC.

When I use 4-3W-1-2, I usually go Normal, regardless of opposition strength unless of course it's > 10Q.

My Red Arrows are on my wide men & AMC, usually attack down both flanks or on one flank, mixed passing. Zonal or Man-to-Man is up to your own preference. I prefer not to go Attacking mode because of the 1MC. There is no sufficient cover if opponent counterattacks which you will experience a lot if you set Attacking.

Good luck!