This idea is great. I'd try creating it as a TC, if I could learn how to program and model (the 3d drawing kind *g*) in an hour or two
. I'm not sure any current game engine could be twisted enough to allow for something like this, but the upcoming freeware Babylon 5: I've Found Her game may. Would Falcon 4 allow for mod-ability to take away gravity and all that, and set it in space? (Unless you want a planet-based Wing Commander, in which case it'd be easier to make but may take away some of the charm of the game)
To add to this idea... perhaps you could also be a cruiser's Captain, and battle it out with other cap-ships. Being the CAG would probably the most entertaining, but it'd be cool now and then to engage in cap-ship battles, like the few good ones in Starlancer.
Also, you could add different game modes apart from standard single player campaigns and two-player multiplayer. There could be persistent dedicated server games (with players as the Captains of cap-ships and other CAG's, allowing for entire fleets to battle it out), and there could be random campaign where you set several game parameters then play. Like enemy force strength, friendly force strength nearby, size of the sector, and time frame. The time frame would change what type of fighters, bombers and cap-ships are available. Later times would have WC
ships available, earlier would have ships from WC1-4. Imagine being the CAG of a carrier like the Midway!
You should also be able to form your own squadrons from scratch (new outfits) or pick pre-made ones (experienced, veteran or Ace squadrons), and be able to re-name them and add/remove certain pilots, etc.