Yeah I hoped my response was clear enough, typed it on my phone so it was a bit rushed. Now I'm at my Macbook Pro proper. The Intel series in general does have some issues with OpenGL, especially since we're not on the Core Profile yet on OS X. I mean to do what I can to help get 10.10 support in shape as soon as I get my new MacBook Pro at work, right now I'm on Mountain Lion on a late 2011 model. Still has Intel though, but the game runs ok for me on 3.7.2 and master. The Intel in the Air is probably even weaker of a card though, with regards to OpenGL. Make sure you have the 10.10.3 system update. Also, you might try to add Swifty's fork
as a remote and attempt to compile his shadows_transform_deferred branch, and see if that helps or hurts the situation.
Also, there are some various graphics debugging options available, if you're using wxLauncher you should be able to toggle them easily. Most of them stand out as being obviously graphics related, but you might try disabling most of the things under the Graphics section to start, disabling sound and music, disabling video playback, OpenGL VBO, disabling IBX, render targets, PBO, GLSL (that's a big one), etc. I also recommend setting it at 1024x768 and running in windowed mode.
Additionally, you could post your debug log found at ~/Library/FS2_Open/data/fs2_open.log which can help shed some light on what went wrong.
Can you describe what happens besides being completely black? How do you manage to terminate the program? Just hitting Escape? There is no sound in the background?
I posted my ideas as they came to me, but really if you read this far into the post you should probably attempt them in reverse order. I'm too lazy to rewrite this in the correct ease of implementation order.