If Hanks and Spielberg really want to impress, he'd do something of that ilk from the Luftwaffe perspective. Depicting some Germans as "good" wouldn't really be new ground for him, and it would make for an interesting spin.
Aside from the Battle of Brittan, the B-17 corps, and the Tuskegee guys (all three of which have been done), there really weren't that many great allied areal tales in the European theater. At least, there wasn't nothing to compare to the German masters like Schnaufer, Hartmann, Marseille, etc.
Maybe not in terms of idividual air battles, such as the BAttle of Britain, but the air war of Europe is a different story. It was a hard fight for the Allied Air Forces to gain air supremecy over Europe.
As for Ariel tales in the European theatre during WWII:
The Dambusters Raid
The Bombing of the Tirpitz
Operation Jericho (the Raid on the Amiens POW camp)
True the above are RAF ones, but that's just off the top of my head, I'm sure I could find more if I looked.