How cute that will be. I think any headboard would do, though I think a vintage looking wooden one would be nice.

A picture would help, but based on your description, anything will go. I'm picturing a red wood, I don't know, maybe red baron on the brain.
What else is in the room?
Have you thought about painting the ceiling a blue sky?

How about painting a picture of a vintage airplane on the wall above the bed and put the real propeller where it would be on the nose of the airplane. I've used propellers as window valances before -looks great!

Either a simple wooden or padded headboard or a book shelf headboard to encourage 'reading' in bed is a good idea. You can have fun with color either way.

Build some model airplanes to suspend from the ceiling.

You are bringing back memories...my 25 year old's nursery and toddler room was done in airplane. Fun memories!

Thrifty Decor Chick redid her son's room with an airplane theme this spring. Go to her blog to check it out.

Here is a link that might be useful: http://thriftydecorchick.blogspot.com/2010/05/big-boy-room-reveal.html

Here is a childs airplane themed room. You could stick the propeller right in the center of the plane on the wall. How about a bookshelf headboard to hold his toy model planes and books about planes, maybe a photo of him next to a plane.

There's a recent posting on plane decor and fabric over on the Apartment Therapy blog, I just noticed. Go check it out!

Thank you thank you! Love all the ideas