> I still have to carefully study and learn how aerodynamics work, though. Pretty sure I can dedicate one night to it one of these days and figure stuff out.

Watch lots of Youtube videos! Though I wouldn't worry too much - I'm not going to be slavishly adhering to accuracy, but just making sure things don't go too far outside the boundaries of reality. For example, one player in the original game once tried to backflip an A-10 while in flight to shoot down a pursuing missile with it's cannon. This would be classed under 'hell no, physically impossible'. I think most people would understand this. 

>But I have a question: if the setting is in near-future, how technologically advance can our aircrafts be? I get it, no X-02, Morgana and I suppose other experimental models, but what about VTOL fighter jets (Harrier, F-35), VTOL transport/cargo crafts (V-22 Osprey) or other "exotic" aircrafts? (Su-47, XA-20 Razorback, F-22, An-225, maybe MV-24h)

I'll include more info on this when it gets to the OOC stage, but since you asked and others may have similar questions; I'm not allowing any _fictional_ aircraft, i.e. the Ace Combat models you mentioned, or for example, Firefox or the Yukikaze (from the anime of the same name) or, say, Airwolf or the Turbokat. But, if there's a particular prototype aircraft you liked - let's say, the SU-47 or to be even more out there, the FB-22 Strike Raptor, then I'd allow that, as it has recognisable and quantifiable charactistics. So, all of the other aircraft you mentioned are fair game too. Although, the game will be about a fighter squadron, so you wouldn't be allowed to pilot a transport or a heavy bomber on a regular basis, but they could feature as NPC or adversary craft easily enough. 

The alternate timline allows for a lot of such things, and they were a staple of the original version of the game, and half of the fun was the wide array of aircraft. Most of the older ones (for example, one character flew a Saab Viggen, and one of my characters flew a Skyhawk) were also upgraded to be more competitive - not to mention, having good pilots. A standard feature of all aircraft was modification to allow carrier-based ops and in-flight refuelling as well.