First, the flight models are based on the engineering specifications and real world testing of the aircraft. According to Hitech, "The physics of the airplane are as detailed and realistic as we can make them." He also said (I am summarizing) that there are some things you just can't simulate accurately sitting at a computer desk as opposed to sitting in a real airplane. That's why we have things like the pitch ladder. Real WWII airplanes didn't have a pitch ladder, but in real airplane you feel the g forces through the seat of your pants, but you can't get that same feeling sitting at your computer desk.
Second, Aces High does not include engine management because it would make the game very complicated. I can fly a P-51, then land, and take off in a ME110 without having to learn all the engine management of the two airplanes. Find some pilot manuals for WWII planes, or even modern planes, and compare the procedures for starting the engines and taking off. You will find they can be very different. This would be even more difficult since you are simulating this with a computer keyboard, and not the real controls in the different airplanes. Best to leave engine management behind, and let us get on with the fun of flying the airplanes.
As has been pointed out, the P-38 and P-47 did have WEP.
No one has asked about the flight characteristics of the bullets. Just like the airplanes, Hitech models the ballistics of the weapons as closely as possible, except that the bullets disappear when they run out of energy so the computer doesn't have to track them all the way to the ground.
Hope this helps.