Hi Kevin,
I prefer to use manual for aircraft shots, taking a light reading from something of a suitable tone on the ground, that is in the same light the aircraft will be in (grass works pretty well) then basing my settings on that. If the aircraft are going to be in sunlight for some shots and shade for others, either because of patchy clouds above or simply the angle of the sun meaning the aircraft will have the sun on the "wrong side" from some approach angles, then I will tend to use a semi auto mode (almost invariably Tv as I want to set a specific shutter speed, with props or rotors, to shoot as slow as I feel comfortable with and maximise prop blur - I raise the shutter speed for jets, where that isn't important).
In Tv mode, I tend to stick with evaluative metering but spot metering will work fine, so long as you make the necessary adjustments through EC (the same goes for using evaluative of course). Spot metering will help cut down the influence of the sky, but will still be thrown off by the aircraft itself. A WW2 fighter in brown and green camo will give a decent meter reading, but a jet in silver paint, or bare aluminium skin, will throw the meter into underexposing and a black aircraft (or even dark blue, such as old US navy warbirds) can result in overexposure. You need to dial in some correction for such situations. I find that, so long as you are using EC, the actual metering mode used is less important than knowing how it will react and how to compensate for that. If you aren't sure how much correction you need to apply, then make your best estimate and shoot the first pass of the aircraft. Then check the histogram and see how the exposure is, making a further correction if necessary. Once you have an idea of how much a "white" aircraft needs, or a "black" one, the next similar toned aircraft will need the same correction.
If shooting manual, then (so long as the light on the aircraft isn't changing) you can forget about using EC to compensate for different tones of aircraft, just set your exposure and do a quick test and check the histogram, then the settings are good to go for all aircraft generally. You might find that you want to deliberately underexpose light coloured aircraft in direct sun though, if you are getting large hotspots blowing out due to reflections. Again, if you think that might be a problem, check the histogram, preferably with the "blinkies" turned on to show the extent of any possible blown highlights, correct as required.
Judging exposure is really no different to shooting any other subject with a potentially bright background that might affect the meter reading. Be ready to open up the aperture a bit (assuming you are wanting your shutter speeds at a specific value) to allow for the metering seeing too much light from the background..