4 T34s come with a tech cost while KV-1 have not tech cost.
The KV-1 can beat a PZ4 so I don't see why it need buff to the gun for the current cost. What it needs is different vet bonuses and different vet abilities as most EFA units or a complete redesign.
The gun is not terrible unless the PZIV gun is also terrible since it almost identical to the Ostheer PZIV that only has better penetration far and a Area distance.
You are absolutely right. Who has not feared the uncounterable KV-1 spam, mastered by no 1 else than "Myself". Even the heaviest and very best german end game tanks such as the crippled PIV don't stand a chance against the massive load of firepower, delivered by cheap mass KV-1s.