This would, in my opinion, turn Lock On into X Plane with combat. While that isn't bad in itself, I do not think that Lock On would get better with opening it up for editing. I'd say that the exact opposite would be true. You would have people editing the values to match the supposed speeds, turning-radius, handling etc of their favorite plane/missile/weapon, or editing the values to what they THINK is the correct values. Unless people have access to the exact data, which for many of the weapons and weaponsystems in Lock On is still classified, it won't get better. Quite the contrary, if you ask me.
The "fully open"-concept works in X-plane because most if not all the aircraft-data used there either isn't classified, or is readily available on the 'net, and because X Plane models aircraft behaviour in relation to speed, altitude, weather and a metric heapton of other details.
Lock On isn't perfect, but it's better than most other products in this genre of flightsims out there. Maybe it lacks the depth that Falcon 4 has, but here you don't have to read a complete TCTO just to be able to start up and fly.