From a gameplay perspective the current pilot wound feature is arcane and lopsided IMHO.
While it does give a decent element of advantage to the enemy, that advantage is sporadic and suffers from an "on or off" implimentation. A wounded pilot in AH is as compitent as a non wounded pilot until the black out, then flying the plane is practically impossible. But when the black out is off, there is no performance penalty, only the threat of this sporadic effect getting worse.
I do understand the concept behind the feature, and I do not think its a bad one, my opinion is only that the implimentation is weak.
I believe a better alternative that might be fairly paletable to all is a G tolerence penalty. This system would tax a wounded pilot with an immidiate and un-wavering reduction in G tolerance (bringing on black out earlier), and that effect could worsen to simulate concurent blood loss. The initial limit could be scaled for the severity of the wound and after that initial effect is in place, perhaps a "worsening" could be blended in forcing the pilot to incuur even more limits on flying ability the longer he remained airborne.
G-tolerance is all about blood pressure, and wounding during air combat can be safely assumed to cause loss of blood in "most cases" and therby a drop in pressure. Seems that type of system might provide a bit more elegance to the pilot wound.
Just my opinion.