It's like asking what "20th Century - The Movie" would look like.
And as with that, many of the best movies set in the 20th century largely ignored the major global political events, wars, etc. (at most, using them as a backdrop for a story of much smaller scope)
A lot of Elite universe fiction (official or fan) focuses on the (small) crew of a single ship, trying to survive and make a living. A war (hot or cold) between the Federation and Empire might at most be the explanation for why they've ended up on some really dangerous mission, but the impact of that mission on the war (if any!) is going to be way above their pay grade and as a result outside the scope of the story.
That's probably the best approach for any movie adaptation, too.
- setting details can be left fairly vague, and largely mentioned just by reference or background visuals; a fighter pilot they meet can mention the battle for Lugh and they can be impressed by that, without needing to go into any of the backstory or its eventual connection to Jupiter Rochester's schemes. Hudson can be staring down from "The Federal Navy Needs You" posters everywhere without any actual navy officers or ships showing up in the movie.
- the action focuses around a few characters who can be built up quite a bit in 90-100 minutes of runtime, rather than trying to give decent characterisation to the thirty or so recurring Galnet figures.
- the threats to them can be likewise kept comprehensible in scale: they're not the ace pilots in custom ships who can go toe-to-toe with battlecruisers; three pirates in Eagles is enough for a fight they'd really rather not have; a single tough with a P-15 is a potentially lethal threat when you can't just have your personal shields take the first ten hits.