1. Choose your Multiplayer Character (new chars only)
-Selects your appearance on bases when visiting bars, equipment dealerships, and so on.
-Crossfire Trent is essentially Trent in an Order uniform.
-SWAT_OP-R8R looks like the NPC bartender found on Planet Blood, Custodian System.
-Other options from the menu are vanilla Freelancer storyline characters you may choose from.
2. Choose how Juni should look like
-Classic outfit is the original police uniform.
-Sexy Outfits 1 and 2 are rather self explanatory.
3. Choose your Intro Music
-Some of these are rather self-evident.
-The music can be found in Crossfire 1.80 -> Data -> AUDIO -> MUSIC.
-My best guess is that Crossfire intro 1-10 are NEW_SEARCHING MISSION 01-10 in that folder... but I'm not sure.
4. Choose your HUD
-Provides you with five options for colored themes to your in-game windows and toolbars.
-The Orange HUD is a bit too bright and does not contrast with text well for some people (just a warning), but so far I like it.
5. Which Singleplayer mode do you want?
-This setting allows you to choose between the FL vanilla storyline or playing OpenSP.
-Some folks find the vanilla storyline to be too difficult on CF, while others enjoy it. OP has tried to make it a little easier in 1.8.
6. Which set of Intro scenes do you prefer?
-Sirius (Alliance), Earth (Sol System), and Altair (Coalition) are all regions of the CF universe.
-Rotating ships is rather self explanatory I imagine.
-I do not know what Story 1-3 or The Race are.
7. Which cursor set do you prefer?
-To be honest, I have really no clue what the different cursors look like or which is which. 
8. Enable Screen Capture settings?
-I do not know what this feature does either.
-It is unclear to me whether FL will capture screenshots as it normally does without this.
-Rumor has it that selecting "No" can resolve client-side crash-to-desktop problems.
9. Which system backgrounds do you prefer?
-High quality is for eyecandy system backgrounds.
-Standard FL is for increasing an older computer's performance.
10. Choose particle color?
-Eight options to choose from.
-As far as I can tell, it changes the look of tradelane and jumpgate energy visuals.
11. Advanced Shader (might cause problems)
-I don't know what these settings do, but it is obviously graphics-related.
-Deactivate if you wish to avoid current "triangles" issue with asteroids near jump gates.
12. High quality effects
-Enable for quality, enhanced eyecandy.
-Disable for increased performance on older computers.
13. Dynamic lights
-Enable for quality, enhanced eyecandy.
-Disable for increased performance on older computers.
14. Movie options?
-Original FL Intro + CF Intro is the same introduction as in CF 1.7
-Alt. FL Intro + FL story prequel shows the Nomad attack on Sol and Syd's theft of the Dom'Kavash artifact from Planet Sprague.
-Starlancer: Sol Wars trailer is a Starlancer trailer.
-Skip movies is rather straightforward.
15. SWAT-Portal Recticle Mod
-Switch from default setting if you are color blind.
-Otherwise, this setting is not particularly important.
16. Compatibility mode for old graphics cards
-Rumor has it that some client-side problems can be resolved by selecting "Activated"
-Deactivate if your graphics card is pretty old or is going apes*** in-game. 
Hope this helps.