Here some HUD settings I found for 1280x1024 that seem to look ok except when talking to other ships or docking station, it comes up on the whole screen. Not sure how to adjust that.
Go to "C:\Program Files\Microsoft Games\Freelancer\DATA" Open cameras ini and change to: (note that second parameter gets edited in this post due to word filter - [****] is actually C0ckpitCamera
[WinCamera]
fovx = 51.4807577023
[CockpitCamera]
fovx = 66.5644552838
znear = 2.000000
[ThirdPersonCamera]
fovx = 66.5644552838
[DeathCamera]
fovx = 66.5644552838