I belive you're talking about 1280x1024; the same resolution as mine. The answer is Yes, but you won't be able to see parts of the HUD. It can be changed in your PerfOptions file.
Alternatively, you can just run FL in windowed mode. To do that, just add a ' -w' to the end of the Target line under Prefences for your Shortcut (add it just like you would if you were adding the ip for the server).
Yeah, if we were able to fix such issues (damn harcodes), we'd have even widescreen resolutions available (though it isn't impossible right now, but it looks awful, believe me). I also run at 1280x1024, it's fine as it is, no HUD parts chopped off or else.