I have opted for approximated proper Newtonian physics that are performant on mobile devices for space flight. This is the first step to providing the player the tools needed to explore 3D space.
Future plans for this transportation system include: optional automatic inertia dampening to create arbitrary drag for easier ship control for players more accustomed to arcade style physics, fake drag to simulate less linear flight controls, and some degree of dampened torque applied during ship rotations.
A features I forgot to mention in the video was that the ship engines account for the current mass of the ship as to how many kN of force they can produce. So once cargo is added to the game, a space ship with more cargo will become much slow to accelerate and turn than one with an empty cargo.