So you really want to be a Flight Engineer?
Here are two references I found. The first tries to relate the old to the new so it explains BMEP and shows a gauge which may have been intended for a single-pilot aircraft (or no FE). It the goes on to discuss use of EGT to achieve the same results. (Are EGT parameters accurately modeled in MSFS?)
http://www.gami.com/articles/bttfpart1.php
The second comes from a far more complex bit of equipment - the FE in a KC-97

If you work through the whole article, it leads me to the conclusion that BMEP may be monitored or 'flagged' for takeoff and landing, but really only becomes a focus in cruise and is intimately bound to cruise performance/leaning, etc.
http://www.enginehistory.org/r-4360ops1.shtml
"By the time that I was involved in the intimate operations of the R-4360 engine a lot of experience had been accumulated that pretty much dictated the procedures best suited to both efficiently operate the engine and extend the TBO. In a nutshell this amounted to not using anymore than 150 psi BMEP for cruise power settings. The unfortunate in-flight engine rpm restricted range of 2,100 to 2,350 had to be considered also. The compromise that resulted from these limitations dictated that if manual leaning with spark advance were to be used, 1,735 bhp (158 psi indicated torque pressure, 2,100 rpm, which produced 150 psi BMEP) was the maximum cruise power setting to be used. So that’s how we operated the engine. We used the appropriate (and very accurate) cruise altitude charts in the performance flight manual to chose a power setting for a given aircraft weight, corrected for density altitude and always used 158 psi indicated torque pressure and the necessary rpm to provide a specific bhp that resulted in the appropriate indicated airspeed to develop the range for the mission."
Note the use of cruise altitude charts. Sounds like read the chart, set RPM, adjust MP to the table value then lean to get target BMEP which then produced the target BHP to produce the desired speed @ desired Fuel Flow.
I doubt that many FS aircraft models have those in the DOCS and I'd be surprised if most FDE's were built using them (if MSFS even has the capability - not counting the 'external' modules like Accu-Sim). . However, it matters not if automixture is used as you can't then set power/RPM and lean to get a resulting BMEP.
Having said that, the Connie Team L1049 does seem to require, or at least allow engine management using some degree of BMEP settings or limits so maybe it can be done, and generally just gets ignored (who allows engine damage anyway??

). Now if you are trying to get an absolute max. range flight for something like the MacRobertson Race, it might be handy...
Oh, I also found one of the Dauntless Software flash cards that's part of their FE study guide and it appears the guide can be downloaded, but it might be a paid product.
http://www.dauntless-soft.com/products/GroundSchool/TestBanks/Flight_Engineer/Powerplants/Q1162.asp
The download link is in the middle of the page.
Here's another bit of background that doesn't explain BMEP but discusses "cruise control' operation and this might help understand the process.
http://digicoll.library.wisc.edu/cg...UW.WIEv54no6.p0017&id=UW.WIEv54no6&isize=text