Instead of the whacky intermittent blackout that we have now, how about changing it so that the g-level at which blackout occurs gets lower over time.
For example, normally the pilot blacks out at 6 gs. When a pilot wound happens, this immediately drops to 4 or 5 gs, and keeps slowly dropping over time. After a few minutes, anything over 1.5 gs will cause blackout.
This retains all the key factors of a pilot wound (i.e. it gives the person who inflicted the wound a major advantage in the fight and makes the wounded pilot a sitting duck for the rest of the sortie), but if you can escape from the fight you can make it back to base by flying gently the whole way.
The way pilot wounds are modelled now is one of the cheesiest parts of the game IMHO.