The current head tracking solutions like TrackIR actually make it pretty hard to flip switches on the sides of the cockpit because they drastically exaggerate your head movements.
So I could see Oculus Rift working pretty okay for these. For the ones where I'd still need a keyboard, I could probably hit the right key most of the time without looking, or so I'd like to think.
This article hit the nail on the head when he stated that the Rift is already a perfect fit for simulator games.
In a game where you are strapped into a seat, you don't have that problem. You remain seated in your chair at home and remain seated in game, so everything works great. The Sixense Hydra controllers, or similar, could probably be great for manipulating switches and leavers in your cockpit.