After trying to play all-aero recently, I could say, that aero and vtols could survive for a long time and be effective in combat, if played correctly. Don't press the enemy too far, don't attack AA units directly, especially if they see your, use your speed and maneuverability for your advantage. It sounds like basic flying tips, but I was surprised how my effectiveness and survival time had increased, after I began to follow this rules to the point. Also, any flyboy should consider using a joystick for piloting, as it makes flying and targeting much easier and intuitive.
As for armor buff, I think it's not really necessary. Maybe Shiva could use some more armor, as it's relatively slow and has a big profile, but sulla and hawkmoth armor levels seem ok for me. I remember being shot down much faster in sturdy but slow 0.1.0 sullas, as GRifles and LBLs was of much more threat for them.