Like has been said before, I would love a gun by gun selection on the tracers.
I loved having the 30mm tracers off (though you probably should be able to see a slight trail or glint of the round.....nothing like the standard tracer trail we have now) and it was fine when I went through a stage where I flew the K4 90% of the time. I could hit pretty consistantly at over 400 yards with the 30mm, even in turn fights. 800+ on level and running targets (who wouldn't evade because they couldn't tell you were firing). Pulling the tail section off a running Pony at 800 yards always cracked me up.
I almost ruined the K4 for myself by flying it so often, so I branched out and realised that I had difficulty hitting anything at all with any other sort of weapon. I couldn't hit a single thing with 20mm cannon, .50 cals and 303s, so I turned the tracers back on.
I still have them on because I try to fly lots of different things these days. I've taken a liking to the Mossie lately. It's a great multi-role fighter/attack aircraft.