Yes this works.
I use several different check 6 sounds, Brit, German, USA, a General Quarters sound for PT boats etc. Just put the sound you want in the folder for that particular plane or vehicle.
Note: by default Aces High does not create folders for each aircraft, you will have to create them manually (you can find a list under Help/Game Setup in the Aces High web site) , or better yet, install a sound pack like Mitsu's (which I highly recommend). The sound pack will create the appropriate folders for each aircraft, add your check sound there.