This paper presents a demonstrated approach to significantly reduce the cost and schedule of non real-time modeling and simulation, real-time HWIL simulation, and embedded code development. The tool and the methodology presented capitalize on a paradigm that has become a standard operating procedure in the automotive industry. The tool described is known as the Aerospace Toolbox, and it is based on the MathWorks Matlab/Simulink framework, which is a COTS application. Extrapolation of automotive industry data and initial applications in the aerospace industry show that the use of the Aerospace Toolbox can make significant contributions in the quest by NASA and other government agencies to meet aggressive cost reduction goals in development programs. The part I of this paper provided a detailed description of the GUI based Aerospace Toolbox and how it is used in every step of a development program; from quick prototyping of concept developments that leverage built-in point of departure simulations through to detailed design, analysis, and testing. Some of the attributes addressed included its versatility in modeling 3 to 6 degrees of freedom, its library of flight test validated library of models (including physics, environments, hardware, and error sources), and its built-in Monte Carlo capability. Other topics that were covered in part I included flight vehicle models and algorithms, and the covariance analysis package, Navigation System Covariance Analysis Tools (NavSCAT). Part II of this series will cover a more in-depth look at the analysis and simulation capability and provide an update on the toolbox enhancements. It will also address how the Toolbox can be used as a design hub for Internet based collaborative engineering tools such as NASA's Intelligent Synthesis Environment (ISE) and Lockheed Martin's Interactive Missile Design Environment (IMD).