My short answer would be you should use value-based pricing if the market allows it. According to economic theory your price should depend on the value you deliver and the cost you provide it for (vs the competitor value and cost). And a customer will choose the product where this gap (between value and cost) is highest.
In some very competitive markets (e.g. oil, retail) it wouldn't be possible to do vlaue-based pricing, because competitors are using cost-based pricing and if you would try to use value-based pricing your prices will be too high.
In your case you seem to be dealing with a new technology with no other real substitutes, which would fit value-based pricing. Now you should analyze all the options that you have (selling the product yourself, licensing it, selling the idea to an airline, selling the idea to the governmen..) and choose the option that has the highest value.
Yes, often this is not easy, but making and verifying those assumptions is an important task for a consultant. In this case I wouldn't be too worried about making the assumptions on the synergy level, since the uncertainty on how many people will use the device and at which price is much larger.