Hello,
Here is what I do...I am using a Logitech wingman extreme joystick...not too advanced by todays standards.
I have the "threat missle view" assigned to one of the two buttons located on my joystick base. I have my threat aircraft padlock assigned to the other.
When I get a missle lock tone I just padlock the incoming missle and it really does a good job of allowing me to beam and manuever. When Im done, I have the "break" padlock button assigned to my right mouse button so I can break all padlocks and return to normal view.
Hope that helped you some!!
Good luck.