So I got an itch to play through the game after all these years. I installed the FS2 open program to update the graphics and use higher resolution in-flight.

I doubt installing the FS2 open updated graphics caused this. I'm sure it is because of windows 7 or the particular joystick I have (logitech extreme 3d pro) and it's apparent lack of customized settings for sensitivity. But I am finding that changing the sensitivity in game does absolutely nothing to change at what rate my ship turns.

on the first mission there is a planet I am using as a point of reference and am performing a vertical turn. At full sensitivity and lowest settings, it takes the exact same amount of time to perform a full loop. around 5 seconds give or take a split second.

Does anyone have any idea if there is a program out there that can help with the sensitivity?

First try should be Logitech's own software for your joystick, named (rather unimaginatively) Logitech Gaming Software, which you can download from Logitech's website.

Also, if it seems that modifying settings in-game does not have any results, check that you did not install the game into the default Program Files directory.

FT