Josh... I've tried it . It makes it hell to actually fly; you can do it for fun, but you won't complete any missions that way any time soon.
That said, it can be done playable. All things we actually need are some additional HUD gauges, namely:
-Direction indicator, possibly a speed vector indicator - possibly integrated to radar globe, pointing into velocity's direction in relation to ship;
Those two would already help quite a bit, but Vertical glide and Horizontal glide velocity indicators would always be highly useful.
If you don't know your velocity vector, you're flying with Eyeball, Mark I sensor capacity, and as you can't effectively estimate distances and accelerations from 2d screen, it makes it all that more difficult.