Many moons ago as a civilian employee of the USN I had the pleasure of attending the Pilot Training Course for a single seat fast (okay, it wasn't supersonic, so I guess it wasn't that fast) jet type in regular and numerous squadron service.
The curriculium was 2 weeks of classroom, about 30 hours of simulators and I forget how much more airborne time. As it was a single seater your first flight was also your first solo in type. The incoming people were either right out of undergraduate jet pilot training (UJPT)or back from the fleet, either in another type or second tour in this type. At that point even the right out of UJPT you would have had 500 curriculium hours in T-28/T34C , T-2, and TA-4J, which probably means 750 or so actual plus whatever other time you managed to wangle in anything else with wings.
Point of this overlong post is that requiring something like an OCU training standard for display pilots should make things safer but it (airplanes, simulators, classrooms and current in type instructors) would be very costly, especially for types that there are very few left of.
Practically speaking, a very experienced aviator with enough (whatever that is) time in type or similar types given enough (whatever that is) recent experience in a type should be able to provide a fairly thrilling display for the punters of some mild aerobatics. "Enough" time in type is open to pilot judgement, but I don't think 1.7 hours would even pass a cursory laugh test.