The key to my flight model is the aerofoil. Basically you do the static modelling of the aircraft by creating aerofoil sections for the wings and control surfaces, then place them in the correct place on the aircraft. Then you add point masses for the major aircraft systems, fuel tanks, weapons, pilots, etc. and finally add the engines and thrusters (jet nozzles, rockets, propellors).
This sounds a bit like what X-Plane does with its blade modeling.
But, I hope that you'll remember that bad things happen to good planes - airfoil shape will change and drag will increase due to damage.
The whole thing will be released under a "do what the fuck you want with it" license, apart from the assets which will remain the property of the original creators.
Nice.
Two things I'd love to see in a flight sim are ability to legitimately make minor tweaks to performance parameters and addition of human factors.
The ability to legitimately slightly alter coefficient of friction, component durability, and/or engine power would allow players to simulate flying a beat up old plane, or a "souped up" plane which has been built by hand by expert craftsmen (like a number of pre-war planes), with a "tweaked" engine, and a fresh wax job.
"Human factors" mostly affect AI, but could also allow for things like failure of oxygen systems, fatigue due to long missions, lack of sleep, or sickness, panic, and so forth. Players can be invulnerable if they want to be, but having an AI crewman black out due to hypoxia, or an AI wingman panic, suffer from tunnel vision, or suffer "target fixation" would help remind us that real people flew those missions.