I used to make use of Misthophoroi Phalangitai when I payed with the Koinon Hellenon. My tactics where more or less the same as yours, meaning I used 4-6 as a solid battle line. The only drawback is that you can't replenish your numbers easily, as they are mercenaries. At that time the Koinon Phalangitai wheren't even included, so I was stuck with those guys. Not that they are bad, on the contrary they are excellent line-holders.
Another thing I greatly enjoyed playing as the Koinon, is that you could experiment with many types of armies. For example, I even created a pseudolegion, consisted of Thorakitai, Thureophoroi and some other troops. Yes, those where good times indeed *nostalgia*
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