Originally posted by LaHo For flying displays: use EV -1 or more.
I think he meant to say +1 or more. You can take a meter reading off a gray airplane on the ground which fills your frame. Make a mental (or physical) note of the aperture, shutter speed, and ISO. Then, when shooting against the sky, adjust + exposure compensation to give you the same values. Of course not all planes are gray (usually just military planes). For white or brightly colored planes, back off or eliminate + exposure compensation. Or take meter readings on them when they are parked and use those values later when they are flying.
Since flying planes are going to be a considerable distance away from you, my guess is you could get away with middle aperture values (5.6?, 8?) and still have enough DOF. According to this DOF calculator:
A Flexible Depth of Field Calculator, with your PLM lens set at 300mm and f/5.6, for a plane 200 feet away your total DOF is 32 feet. If the plane is 300 feet away, your DOF is 72 feet. Change to f/8 and DOF becomes 105 feet. The planes may be more than 300 feet away when flying past, which translates into even more DOF.
For jets you'll want fast shutter speeds for sharp images. Maybe 1/1000 or faster? Just a guess. Panning the camera helps, but I would still want a fast shutter speed. Like LaHo says, don't be afraid to crank up the ISO. I think the K-70 can tolerate it reasonably well. Better to have some noise in the image which can be removed with good software than to have blurry images which can't be fixed.
As far as shake reduction goes, if your shutter speed is faster than the reciprocal of the focal length you are using, I think I would leave it off. Others will have other opinions on this.