I don't have the maths before me to check it, but I don't think that would work. The clipping plane *can't* be changed, so that means the cockpit and/or player ship would have to be drawn on top of it. That means drawing the player ship elements afterwards, but I don't think it's possible to instruct FS to render ships on top of the current set - unless perhaps you render all the other ships first and then clear the zbuffer, then render the player ship/cockpit.
And of course if you're rendering the ship and cockpit afterwards, anyway, the clipping distance might as well be set to 0.05 for both, so they could be rendered at normal size.