What you are now describing is no different than the critical pilot instant kills we already have.
Muzik stop trying to take the upper road here. This wish is based in ignorance of the way the systems existed in bomber aircraft, and ignorance of the design required to represent them in the game. In fighters it's a simple bottle, perhaps, but it goes far beyond that when you are talking about a life support system. The bottle itself is only part of the system. Of course the OP focused on that because it is the simplest way to think of a critical hit. However, there are several other ways to knock an aircraft down which he has ignored. Mostly, I think this wish is a waste of time because I believe Hitech has probably already taken considerable time in contemplation of exactly what a critical hit might be, and whether we are aware of it, or not, has already included them all in one form or another.
Where this wish is very thin is with bombers where the system is multiple bottles, some of which are already in the aircraft. Jump in a B17 and those yellow containers inside the aircraft are O2. Only a small portion of them are in the game, though. Also, bomber aircraft have all got portable units and likely enough for all individuals plus extras too. They had to have them because unlike fighters the bomber crew sometimes must move around inside the plane to take care of various tasks. So, in reality this will not have any affect upon bombers if, as you now want, the entire system is reproduced.
Among fighters the most likely cause of an O2 explosion is a hit by explosive ammunition, which requires just a proximity hit to destroy the O2 bottle. Anything else will require a direct hit, which means you are more likely to have also gotten multiple hits. Anything like the explosive ammunition or multiple hits will already (currently) kill a fighter. Again, wasted development.
So, in conclusion, all Hitech has to do is say "it's already in the game" and it is, because it obviously is. Now, you will say, "yes but we don't have an hypoxia effect," but you do. It's called a pilot wound. Now you might claim that with hypoxia you have the possibility of clearing your head. Nope, most victims died anyway and the reason is simple; they never knew it. The way most people today discover they are under the effects of hypoxia is communication, which in the war was non-existent because of radio silence. Those are the ones (some of them at least) that just flew off never to be seen again. End of story.
As to IL2, who cares? I really like AH the way it is, when it is at its best. Sometimes the net isn't up to speed and the game suffers. If you start requesting more items like O2 tanks, then I believe the net code will increase its load upon everyone's system. BAD idea.
I would love to see a study simulation along the lines of AH. Not only is AH better off as a survey simulation, but the Internet in the United States is unlikely to be capable of supporting a study simulation similar to AH for decades to come.
So, be careful what you wish for. This wish is ill-advised at best.