The whole idea has to pass the "doable" test.
Obviously, the Tank Furball Arena within an Arena was "doable" within the confines of the Terrain Editor (map maker) and within the AH game itself. The TFAWAA is merely V-fields (already in the game) surrounded by high mountains (clearly withing the parameters of the game itself.) That's all that was really implemented or changed.
Now, to create a "all fighters only" Aircraft Furball Arena Within An Arena, you'd have to create something that IS NOT in the game. There are no airfields that I know of that have no bomber hangars. That would be a "new element" and may or may not be possible for the Terrain Editor to make. I simply don't know. Surrounding it or walling it off with mountains would clearly be possible.
The CV AFAWAA would be easily "doable". CV/Port logic exists and the mountain wall technique does too.
Now the real beauty is, that EXACTLY LIKE the Tank Furball Arena within an Arena, if you don't want to go to the CV AFAWAA, you don't have to do so.
It will not affect your current play style in the MA in any way at all.
So, you want to fly a Mustang? Go ahead. And, if you're so inclined, you can take drop tanks and make the long flight over the hills into the CV AFAWAA, EXACTLY like you would going from the MA into the Tank Furball Arena within an Arena.
It's a "no harm, no foul" idea. No one gets hurt by this.