That might work in a stable situation - many (not all) planes are good gliders. (I.e. somewhere I read that the A380 is a quite good glider, among other reasons since the wings were designed for larger versions; an F-16 however won't really glide)
In a critical situation this is impossible, though.
That will not always work very well, inertial navigation systems often wants to be completely still for a couple of minutes to calibrate themselves.
I have heard about just flying with no G-load for a while and getting some basic instruments working. But I dont think you will get full nav functionality back.
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