When I tried it on 4.84 I got stuck at some point, don't remember exactly where, and apart of that you just start too weak, you'd need to make cash for the first days just to get some equipment that ensures you
can stand the enemies on your path through the story.
But you can play SP in Open SIngle Player mode - without the story of course.
That can be adjusted though, look up: freelancer "god mode" in google and it will tell you of a file you can adjust the % damage you take by modifying.
In 4.85 Campain is disabled. Some jumpholes were moved. If you want to play SP Story, download the 4.84 mod. For the story it isnt that difference to 4.85