
Welcome to the HLPBB!!! 
The idea is cool and interesting, but it would require changes that go well beyond coding. 99,9% of the times, FreeSpace planets are 2D bitmaps used as background textures. Same thing for the stars. Models representing planets are very, very rare, and aren't that popular.
When I FRED a multi-phased mission, meaning that the player jumps from one location of a system to another (in the same mission), I simply have to use a handful of SEXPs to "change" background. An example will be easily noticed in NTV, when rebel transports will progressively approach Cygnus Prime to deliver a number of marines.
That's it for the background changes. About immersion and physics - yeah, I'd really like to see radical (and optional, of course) changes to FreeSpace's physics. FS is more an arcade game than an actual simulation, so it'd be nice (IMO) to get as close as possible to a realistic space simulation... if possible. That'd mean improved physics and AI.
About realistic cockpits - As far as I know, implementing them (properly linked to the HUD) requires the dedication of several coders. 
Gotcha, swap out the backgrounds and Bob's your uncle. That is a really handy way to change star systems.
I'm looking to push a design envelope if I can, it's what intrigues me. Yeah, cockpits are
definitely a higher design priority, for the FSO mods overall. I'm still working through the posts on that topic (whoa), so I can't comment much on those yet.
If I did pursue this, I might strip down the source code to the essentials first, to prototype and test, and then re-integrate what I stripped out as it makes sense/is desirable, updating the code as it comes in to support any changes in dependent files along the way. I'd be aiming to scope the work for what I think I can do in 1 year, and then plan for 2 years.

My general rule of thumb ..
Cheers Mobius!
EDIT: And more to the points you're making:
- Yeah, I'd expect FRED would need to be revamped and I'm expecting that would suck rocks, to put it mildly.
- Making designing scenarios dauntingly complex would also suck rocks.
I've been considering both of these, but from a distance right now, as I want to review all of the source code first, in detail. I've begun doing this and, um, yeah, it sure looks organically grown doesn't it?

Backward compatibility is a worthy and valid design goal, I'm thinking it'd have to get tossed to pull off what I'm thinking about.
Anyone think that designing your own engine would be easier than what I'm thinking about here?