Although, I've been researching solutions to the issue at hand and have gotten very close to it! I've been using a piece of software called FreePIE. FreePIE provides you with many emulation capabilities all the while remaining entirely user defined since you must program your own controller emulation. Why FreePIE? FreePIE is capable of tricking the TrackIR 5 software into transmitting it's values by running a false FreeSpace2 instance. In turn, we can easily convert these value's over to FreeTrack which is also natively supported.
Here is my example, a rudimentary demonstration of translating TrackIR 5 to FreeTrack. The points of interest are marked within the red squares. In these squares, I point out the FreeSpace2 instance which allows use to use the TrackIR 5's output along with the corresponding values between the TrackIR 5 software and the FreeTrack readout.

The issue? I can't manage to get an FreeTrack client emulation to run. In order for the BF2 FreeLook program to use this information, the FreeTrack client must be running or the FreeTrack protocol which head tracking software like FaceTrackNoIR use. This is where I'm stumped and need some help. If this manages to be a success, I'm sure lots of TrackIR 5 users would be quite happy. Happy New Years everyone!
Edit: I might aswell provide links for people who want to experiment by themselves. FreePIE can be downloaded here: http://andersmalmgren.github.io/FreePIE/ Although, I had some issues with Google Chrome and downloading the file. I've had no issues with the software, no alarms need to be raised. As for the basic script, here it is: http://pastebin.com/8d0B8MhM
