Hey Reggie, I think most use just the small triangle icons for aircraft in the air both friendly and enemy. Usually red for enemy and blue for friendly irrespective of which side you fly on. No names shown, no distance shown. The colour only becomes clear as the distance reduces.
For ground targets most see a small square icon, again coloured accordingly.
You are right, it would put you at a huge disadvantage to see no icons at all especially in a fur ball or for ground targets so please feel free to use whatever you are comfortable with.