I just compiled a new kernel 3.4.2 using one of Puppy's kernel seeds
and compiled Nvidia driver 295.49.
In Flightgear I experienced only 2 freezes (ahem) after 10 minutes of flight!! That's an improvement!
Note 1: Havent tried with other kernels yet but I used 300Hz for the Timer Frequency, instead of 1000Hz. Puppy explains why here: http://kernel-seeds.org/working.html
Note 2: The NVidia driver could not be compiled at first on 3.4.2, due to some missing kernel headers. I did a little search and I found this workaround:
sudo cp arm/include/asm/system.h x86/include/asm/
sudo cp arm/include/asm/compiler.h x86/include/asm/
sudo cp arm/include/asm/system_info.h x86/include/asm/
sudo cp arm/include/asm/system_misc.h x86/include/asm/
I will do some more flying and let you guys know a bit more about it.