I would guess that Windows Movie Maker doesn't have better export filters.
As for the film, it's not all that bad. There could be some improvements on the part of your exterior views. It seems you're zoomed in a bit too close at times preventing the viewer from seeing your opponent. While those occurrences were rare, there is one that was more common. I can understand why you use this option over others as I understand making films is quite time-consuming. However, you were constantly moving the camera around in exterior mode. Once you stopped you would begin moving the camera again within just a few seconds.
As suggestions for future projects you might want to experiment with smooth-panning and planning ahead of time which angle you want and where you want it to go. That will help eliminate the constant moving. There are those exceptions though where you want to simulate the fast-paced action by moving the camera rapidly to pursue your opponent. However I would use that feature when your film is about a 1-on-1.
Here are a few more suggestions to help spice up your film. Play with the, "Setup Camera Shots" feature. It makes for some dazzling camera effects if played correctly. Add sound-effects to help increase the immersion of the viewer actually being in the film flying the plane(s). (Yeah, wouldn't have worked too well with this one, music was a bit loud.) Remove Icons, it makes things more interesting. (I would only do that if you get your quality issues fixed.)
Overall it was an average yet entertaining Aces High film.

Thanks for sharing, and don't wait too long until your next submission.