A fun movie that really embraces the spirit of the golden age of aviation is The Rocketeer from 1991. It is one of my all-time favorite childhood movies (though it is not a children's movie per se). Also the special effects I think are very good, probably better than what you'd get today without a super high budget because it was before CGI so they had to do everything with props. Another, more recent one, this time pretty much done solely with blue screens and CGI, is Sky Captain and the World of Tomorrow.