Me, I've tried to work on suggestions which could keep the dialogue intact. If it was my game, I'd want every line of it to still be heard.
I've thought some more about my latest idea, and I think it's the best. Immersion-breaking, sure, having everyone get their ship back from nav to nav, but at least you'd get "real" combat at each nav. Everyone would be along for the ride until the end, downed pilots would talk from their pod.
EDIT: You'd have to throw in some spoofy thing in the training levels to explain it I guess.
GREYWOLF: "Hey Dorothy, watch this!"
*Greywolf's ship explodes*
SANDMAN: "What the..."
GREYWOLF: "Hey Dorothy, I'm talking to you from my ejector pod. Now, jump to the next nav."
*You jump*
GREYWOLF: "I'm baaaack!"
SANDMAN: "Huh?!?"
GREYWOLF: "Pretty cool, huh?"
SANDMAN: "Can I do that too?"
GREYWOLF: "No. You know why? Because you're a nobody. And I'm a somebody. Only somebodies can do that. Only important people who have important things to say can do that. You don't have anything worth listening to to say. Nobodies like you die. Because nobody cares about nobodies like you, who aren't even worth remembering their callsign, much less anything else. You understand me, nobody?"