Air Warrior had a Korean War theater. In my opinion:
It was dull. Doing a 360 degree turn takes very long. Ranges to target are very long. Basically, everything is chasing around little dots and then having a slow-motion dogfight at extreme range.
Also, I wasn't the only one who thought it was dull -- as already mentioned, no one used the Korean War theater in Air Warrior. It just wasn't nearly as much fun as WWII.
More-modern jets would be even worse.
The golden age of combat -- best possible mix of plane performance and dogfighting -- is, in my opinion, WWII.
Rather than any effort at other periods, I'd rather just see the effort put into the WWII aspect.