Saw the edit.
Um, I'd say let's worry about being able to parse for textures right now, and blow off where they're stored until we've got the stuff we can do easily right now done. We're kinda ignoring where any of this will be stored right now, but we may as well start beating that around.
We'll have to store everything under the resource directory. Bundled cockpits will have to be in resource/included, and cockpits retrieved by the resource manager will go in resource/automatic. So we'll need to be able to scan all of those locations to find the cockpit that'll be in COCKPIT_CUSTOM (or whatever we decide to call that config item). That config item will probably just be a placeholder, but it'll be around for awhile in the development series, that's for sure. So where do the textures go, then? I'm inclined to put textures with the cockpit file, maybe make a subdirectory for each cockpit that's named the same as the cockpit but without the xml extension, and scan that for textures. Whatever, the resource manager should do this all for us transparently, so that's where we're looking to put code. Other parts of the game will use the same code, so where and how we store the textures for cockpits is going to be at least partly defined by where and how we store textures in general.
In the meantime, I say we put the cockpits in resource/included, hardcode the ability to get a cockpit from moviepack (code which will be removed when the resource manager handles it for us), and put textures in some new directory that exists temporarily until the resource manager does it all for us.
We can ignore the fact that the font doesn't support rotating around the z axis right now, but you're right, ideally it would support it, too.

Also, ideally it would support printing the text vertically, breaking it up into horizontal letters but laying those out vertically, and so forth. But it doesn't, so we'll work with what it does.

(maybe add some of the stuff it doesn't do)
REAL is just typedefed to float. I should probably have used that instead of float wherever I put floats in gHud.
Also, I'm more interested in parsing the infromatiion from the cockpit file, we can add support for the stuff we parse for over time, so I'm just throwing out what we should be shooting for in the parser, mostly.

You know, since the parser has to be written just to get started on this.
@tank: yeah, can we get this moved to development?