Yep, it's been done commercially, but the drawback is that CFS2 won't support homing missiles.

A group embarked on a freeware project for CFS2 a couple of years ago, and even worked-out a way go get missiles into the system.   The project, however, got to be overly ambitious very quickly and became unmanageable from a framerate standpoint.  Right now it's on hold until computers get a lot faster, or single campaigns can be setup with enough limitations on content to make them feasible to run without turning your monitor into a slideshow.   I still have copy of the beta test version.  A lot of talented folks put a lot of work into it, and I hope they'll get it all sorted out for release.