It's an interesting question.
One of the big narrative questions when writing the story for a video game is that the player and the player-character have to mesh well. If the player dislikes the player character or disagrees with their actions, that disrupts the experience. In a sense, the player needs to agree with the player character's actions.
One useful shortcut to achieve this is the silent player character. The player can project their emotions onto the PC. This works well if the PC's actions are pretty straightforward- go on a mission, complete objectives, repeat.
Another way to do it is the sandbox approach: the PC's actions are completely up to the player. This method has its advantages obviously, but it doesn't work if the author is attempting to convey a specific story, rather than put the player in a sandbox and turn them loose.
Speaking player characters with author-defined personalities are the hardest to write, but when done right are very successful. A few examples of well-written speaking PCs:
Samuel Bei: Bei is sympathetic, and at the same time admirable. Bei's effectiveness as a PC is due not only to how he is written, but to the way the whole plot is written; his two major decisions (allying with the Vishnans and defecting to Earth) are prepared for in the plot to the point where the play agrees with them when they happen.
Master Chief (Halo): Contrary to the popular misconception, Master Chief DOES speak and has a defined personality (although one characteristic of that personality is that he's not very talkative). Nonetheless, his motivations are clear and simple: Save Humanity.
Sunder Marcel (Transcend): The player sympathizes with him, because he's as confused as the player is by the crazy situation he gets in to. However, he doesn't go crazy (he's perhaps the only character who stays sane) and acts rationally to stop the apocalypse.
The PC from The Antagonist: Again, as confused as the player is at the start. Learns things at the same time as the player. Sympathetic.
Based on the description of your campaign, Lorric, it sounds like it could be done either way. A speaking player character would be harder to write, but might end up fitting better into the squadron dynamic if done effectively.
Lastly, it is certainly possible to make a power, emotional, character-driven story even with a silent protagonist. I like to hold up Ace Combat 5: The Unsung War as a capital example of this. The player is a silent protagonist known only by his callsign, Blaze. However, you're leading a a four-pilot squadron, and your wingmen have very significant personalities. The player's reactions to events are guided by the wingmen's reactions. Blaze is not cut out of the squadron dynamic; his wingmen refer to him, compliment his skill, and even argue over his nicknames. One of the most emotional moments in all gaming occurs when
Davenport, the comical motormouth of the team, dies
(a really good LP if you want to see for yourself)