Actually, for Alt-O, you can also set the level of
difficulty. It's just basically an options screen. You
can also set "No Crash" if you don't want "Invulnerability".
For Wing IV, use the command line wc4 -chicken. These
controls should work:
CTRL+W to destroy targeted enemy, CTRL+ALT+W to destroy all
enemies on radar, and ALT+O to become invulnerable.
Wing Commander IV