At least in AMA scale, if you leave out an option you get a zero score for it. That's generally penalty enough.
But -- and I just checked this. There's no reason to leave any options out. There's four options in an F4B flight, and there's four options that any plane at all should be able to do (high flight, lazy 8, touch & go and overshoot). No flaps are required, and the only aerobatics is being able to fly above 45 degrees for a lap or two. If you can fly stunt, and if your plane isn't a total slug (or a scale model of an X-3 Stiletto) then there's the wingover and the inside loop, which are both appropriate for light planes.
(And if you are flying an X-3 you'll have retracts and flaps, so there).
So if you're modeling some pioneer aircraft or some light plane with fixed gear and no flaps you -- potentially -- don't have to lose any points. Granted, doing a touch & go isn't going to wow the judges in quite the same way as a bomb drop or demonstrating one engine out, so to get a really high score you'd have to be perfect to win -- but you can still do it, and compete.