Hi buccaneer,
Sounds a bit like what the EAW community attempted to do. I've been a code group member for a short time after which I went my own way with EAW's source code. First of all we all had to learn C++ in order to understand the code and additionally I unravelled most of the hex code and disassembly of the EXE linking many tables to the source and figuring out their formats.
We started this in 2005 when the source code was handed to us and if you're familiar with the game you may understand what was achieved and what not. I'm still working on it with the source by my side and without further help. I couldn't have done much without the code, not even with the knowledge of various computer languages in my skill set.
I agree with previous remarks about needing a skilled team with good knowledge about flight models, physics & lots of time and money. I wish I could be of further help but EAW still consumes 80% of my life. Good luck with your effort!
VonBeerhofen