Alright I feel the need for a too-much-info rambling post:
there is a "fov" cmd in the console
so like type fov 86 and it will change it accordingly
in quake there's a "sensitivity" command I'm not sure if they have it in UT or not
you can specify a specific sensitivity by typing it though?? instead of using the arrows to increment by .25
what I'd like to know is can you adjust the pitch and yaw individually in UT.... I like to play with a slightly higher pitch personally, especially for raptors that would rock.
I think messing with your sensitivity on a regular basis however will screw you up more than it will help.. the changes should definately be at the "tweak" level rather than a drastic change. If you are a medium range fighter (flak/rocket/shock combo) a medium sensitivity works out fine. If you are like bush/dark and like to pick which eyeball to shoot out, lower sens is for you.
I also think that the bigger issue is you personally adjusting to the sensitivity specified and not so much adjusting the sensitivity to your own senses. Start with a base and adapt... eventually you want to spend more time worrying about being a fundamentally sound player (node route/node selection, situational weapon usage, teamwork) than messing with sensitivity, hardware, etc. It's nothing but a distraction. If you have it in your head that your sensitivity isn't right you're going to miss a lot of shots.. brain latency!
Also, a lot of people don't take into consideration that your connection to the server plays a gigantic role in how you play. My ping fluctuates by 10-20 ms during a normal week because of the distance/hops I have to travel to get to the server. So most of the time I have to lead my LG shots by 1/2 - 1 full body length, depending on the speed of the enemy. Same thing with rear turret shots, shock rifle pri, etc. Some may mistake that for a sensitivity issue.. missing behind, in front etc.. but for me it's a personal adjustment thing.. which is HARD to master.
Anyway hope some of this helps, and if you really want to get used to your sensitivity faster, play a little deathmatch and get slapped around for a couple hours it helps