It depends on the scenario, but I usually reckon to be staying on the ground if CO'ing. The reason is that it takes enough concentration to lead a bomber unit without trying to handle several other units as well. Or vice-versa. Exceptions are things like, say, night raids over the UK, where other than give units their targets and start times, there's nothing to do as side-CO. If I was CO'ing say, the defence of the Reich in a late-war game, there's no way I'd go airborne as well; that situation NEEDS the CO to have a firm grip on the situation as it develops.
I'm not saying I'm not willing to CO, m'dear; just saying that if/when I do, KG2 may well then be reduced to just 2 pilots actually flying, and I'm supposed to be trying to ensure we have at least 3. But sure, let's see how frames 1 and 2 go; I might feel comfy about leading whilst airborne if we're almost entirely on the offensive, as in this scenario.
Esme
PS: I havent received orders as to home field or target yet. Request I be sent these asap so I can plan our route and loadout asap, and pass timings on to the fighter units escorting us. I need to know what the fuel modifier will be in-game and also what kind of strength winds to plan for. (Would up to 30mph cover it?)