no, it cannot - compromises must be made for the server capacity and the capacity of the players operating systems. - such graphics will not work - and the weapons used there are simply different in concept and modding from what we have tried.
4.85 will be like previous versions - mostly 1.0 freelancer "feeling" - that means no hundreds of missiles, no mega nukes etc. . players will not be the sort of heros you might find in some anime - but more the common guys. ( ok - the exceptional common guy that can still take a mission to kill 30 NPCs ... but he has to work more for it than to fire a single nuke to wipe out a full squadron )
i think - if you want such graphics - you can try to use the enseries or so - the dx9.dll and configuration to add dx9 effects - but forcing it would render a good deal of players unable to play the game.
they have the awesome graphics - ... but disco has the awesome playernumbers. can t really have both.