U-Fly-It was a toy plane made from 1972 to 1976 by Schaper (although you could find it in stores for years afterward). The toy was simple but exciting for the 70s, the plane was on a string and you could steer and land it.
The Instructor Pilot set came with everything you needed to take to the sky, but they also made some additional toys for the flight-minded kid.
F-4E Phantom Playset
Depending on when you bought your set, you could find it priced from as low as $1.29 to as high as almost 10 dollars. Here a are two few classic listings for sets from the 1970s.
In addition to U-FLY-IT, Schaper also made the U-DRIVE-IT playset. While these toys are appreciated by fans, they are also still very affordable on the secondary market. I have seen working good condition versions of U-FLY-It well under $30.