You could map buttons to the axis such that a little left on the analog hat looks left and forward, a little more looks left, a little more left and back, all the way, straight back. Same for the right, up and down. Not talking about moving the view and leaving it there. I mean absolute positions on the hat correspond to absolute view angles. Such that when I release the hat it returns to front and center. If I didn't use trackir that's how I would do it.
That might already be built into Aces High. I dunno. Seems it would be better than an 8 way hat.
I just tried it. Works, but I wouldn't use it.