For the moment, the best option most likely would be Oolite, While it's not FFE it is elite (and a pretty good job too). May updating that to be more like FFE would be a more viable option.
Keeping quiet about FreeLance just incase I get flamed again![]()
Dunno I kinda like the Freelancer engine and I think it would be quite nice if FE2 could be ported into the 'look' of the game but the underlying AI and game structure would have to be there too - it would have to be unmistakably Elite rather than Freelancer with Elite looking ships and space stations.