Yes, Hunam, exactly. It needs to be represented artificially in some way, like your "utilitarian" ideas or my "accuracy modification", they just don't actually do anything in and of themselves. I don't like accuracy modification for Star Control, but I do like your utilitarian way of using them. Using ACM in a utilitarian way like you propose for SC would be very cool. I actually like all three of the examples you gave a lot. It could even just be a ships secondary ability along with its weapon.
I bet at least several people have gone to wiki/youtube to see what "Cobra" is by now. Only the most advanced fighters with huge thrust to weight ratios can perform Cobra. It is generally a Russian maneuver because "huge thrust to weight ratio" is a pretty good description of the general method the Russians design aircraft by. SU-31, SU-33, SU-35, and the SU-37 can all perform Cobra. So can the Mig-29, the plane the tactic was first developed in. Of US planes only the F15 can perform Cobra, but US doctrine doesn't mesh with Cobra. We shoot planes down from "beyond visual range", Cobra is an "active defense" to a point-blank close fast pursuit that, if an American pilot is involved in, that American pilot failed in this fight long before Cobra ever happened.
You really don't want to mess with an F-22 Raptor... they really are like living Gods of the sky. By the time any other plane in the world has a chance to shoot at a Raptor, the Raptor had time to use all of its missiles one at a time, and then eat a sandwich.
EDIT: Performed successfully, of course, Cobra is by far the coolest maneuver in all of ACM if you were to see it actually happen. The Russian plane points straight up briefly, then tilts right back down like a Cobra rearing up. The pursuer flies right beneath the Russian, almost colliding with him, and as he does the Russian plane is tilting back down to be only a few hundred feet behind his former pursuer for the perfect can't miss point blank kill shot. It's never happened in real combat, but if it did it would be the coolest thing that ever did happen in a dogfight,