I learned this the hard way. As a pilot i should have known better but it is just a game right? hahaha
first off when you are badly damaged and still carrying a drop tank, which should have been dropped before entering combat in the first place (on long range missions this isnt always an option) DONT DROP IT!! your fighter might formulate into a pretty little fire ball!
The same goes for ordinance, if you get some heavy flack rash and still have a couple of 500 pounders under each wing... hang onto em if you can. when i tried to lose the weight my fighter made like dynamite.