Sorry to post some offtopic info. here again, but I wanted to follow on what I promised earlier in the thread. I had a chance to test Wing Commander 1 with its expansions, at the different speeds of my 386, including 20, 25, and 33mhz, and playing several missions (about 12 including some from the expansion).
To my best reasoning, there is not one perfect processor speed for this game. Playing at 33mhz, as Amigaz suggests is the best for this game, I found the gameplay too fast in most cases (compared to the video uploaded in this thread), with the exception of when there are many ships on the screen (big battles). At 25mhz, the cutscenes and gameplay are playing at a more normal speed, but I still found the beginning missions (with few ships) and especially the simulator too fast to have a comfortable feel with using the joystick. However, at 20mhz I found my favorite feel most of the time, except of course it does get slow and a bit choppy with bigger battles.
I have a feeling that the developers knew about the limitations, and preferred this speed around 20mhz, knowing that there are slowdowns on the more intensive action. I'm sure they had to accomodate a lot of computers out there, including 286 ones, which many people still used.
Anyway, this is my humble and subjective opinion, and I appreciate you reading this.