Out of all the things pointed out in this thread, the one thing I can agree on that would be nifty is damage inflicted from flying too close to capital ship engines, aka engine wash. The blind spot behind a Correllian Corvette is perfectly legitimate as I remember it being cited in a couple of X-Wing missions, but it shouldn't be possible to just park right behind it for an extended period of time and pummel it.
I'm not a fan of health bars for capital ships as that's a bit more arcadey than just having radar, but what I would support would be damage effects such as electrical shorts running the length of the ship, or small fires coming from various points on the capital ship when increasingly damaged.
As far as orientation, space is 3D. The only boundaries you need to worry about are the sides of the map in four directions, and it is easy to check your orientation using the artificial horizon on the HUD.
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^ that means you're flying on the main axis of combat
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^ that means you're flying at an angle, etc
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