Don't mean to necro this thread, but just wanted to add my two penneth' in case someone else finds it useful.
I've just changed my 5-way switch to control views. So 1 is the default cockpit, 2 is released weapon, 3 is external view, 4 is LSO, not found a use for 5 yet. I did think about putting either ground or air targets on one of the positions and using the rotary encoder below to cycle through, but not tried it yet.
(Please note, to use it this way, you need to configure the 5-way swtich for each position to be a momentary-on switch on the virpil config tool)