Fraps just records what you see. You don't generally want to run FRAPs in real time because it is a big system hit.
The normal way is to record the game in an AH film, play back the film, and record FRAPs off of that. That also allows you external views and whatnot. Whatever you can see, Fraps will record. However, there are some minor things, like the text buffer will not be there (if you want that), the head views will default rather than use your custom views. That means sometimes you won't be seeing what you normally saw from the cockpit during the real fight.
All of these are minor details and mostly can be overcome.
Doesn't matter how good your system is, there is ALWAYS a hit when running FRAPs and gaming. Maybe it's a hit you can live with, but it won't be "zero".
As for exterior views, bomb views, these are why you would use the film viewer. It allows lots of these views with the camera system. You set up a camera and then record as it plays back.
The problem is the bombs view. This takes a bit of practice. You essentially set up a camera that just happens to follow the bomb to the target. It takes a bit of finesse, but you can do it with a little trial and error.
Hope that helps (at least a little)