Wyler
The bottom line is that it is some bloke or girl flying the aircraft and the rank that you wear is completely immaterial. The one important fact is that the rank structure on a sqn needs to be level and consistant; one sqn JP needs to be able to talk candidly to another sqn JP without a rank divide - therefore make them all Sgts or all Flt Lts; I couldn't care less.
The basic issue is that anyone with the right Qualifications, Med Cat and Aptitude can be a pilot - Officer, NCO or civilian; get down to OASC and pass the selection.