Actually, something like this would be VERY useful in one important way:
Doing a 'merged' SFP1/WOV/WOE/WOI install. There are stock aircraft in the other titles that are not available in WOI (F-100, F-105, etc). Now obviously you could extract all the relevant files (including cockpit files). But for some aircraft that use duplicate files, that means making and putting the proper files in the proper locations...or for third party aircraft that use stock bmps for cockpits, you would have to extract the particular files you need and copy them to the particular directories.
However, if you extracted ALL the files from both the Objectdata.cat files from both a merged WOV/WOE install, and a WOI install, combined them all in one directory without any of the WOI/WOE files overwriting the WOI files (the WOI files would be newer), then took the whole directory and made a custom Objectdata.cat file...that should work and fix any issues with using WOV/WOE stuff in WOI...
Just a thought...
FastCargo