I don't think so and a definite no to making Legacy free. I've suggested in the past that Frontier make a small group of systems, though now I lean more to it being just one system, free-to-play. The setup would be that you get a 'provisional' Pilots Federation license with very limited ship/outfitting options but no cap on credit earning which then gets transferred when upgrading to a full Pilots Federation License. But other than that, given a well-chosen system, it would serve as an introduction to the game with full access to purchase ship skins for the options available.
The ships would be limited to something like Sidewinder, Hauler, Eagle & Viper MkIII. With outfitting options that allow for a good way to experience the game in relation to trading, combat, piracy, mining, etc.. Exploration is more tricky if limited to one system, though maybe there could be a regular scheduled megaship/fleet carrier that would visit a few chosen systems to give a good impression of that too. Obviously no engineers.
Each superpower would be represented there, with the ability to pledge allegiance to allow for some Powerplay RP possibilities, along with an anarchy faction that's suitably dangerous to visit.
Onfoot activities would also be limited to G1 stuff but with enough settlements to allow for continual onfoot combat opportunities... etc.. etc..
Also, CQC would be fully available with no restrictions, with no separation between f2p & paid players.
Speaking of paid players, they would have access to the system, but it would be restricted to missions providing permit access that act as a cooldown mechanism for those who would see themselves turning it into a newbie gankfest. Security would be such that access would only be permitted for the duration of the mission with a full armed response for those who overstay. There would be system wide alerts in relation to any player who enters the system with a bounty or notoriety. Either to alert to avoid or engage.
The main consideration to making it work is whether allowing free access to the game will not be a net loss when it comes to server costs, which is why I mention skins etc. as that would have to offset server costs and likely need to be profitable in the grand scheme of things, alongside actually converting free-to-player to purchasers. And bots.
I don't know, could be good.