That kind of damage effects can done, by just adding a alpha texture to the ac skin. For example, The skin above uses the texutres BMP map of P47D25_2 then the alpha channel of P47D25_2_a for the alpha channel.
I dont know what the state of the aces high code is in. But wouldnt it be simple to add a splash of Whie onto the alpha Texture to show the effects of a bullet hiting it, depending on x,y,z position on the wing.
You could simple just throw in a Random number generator, after you wingtip is hit. This would enable x,y,z positioning of the bullet holes.
But, still it was a test and i will post what it actualy looks like in texutres.