First, some cleanup (none of which is really related to your HUD problem):
-mipmap
This flag is deprecated (I think) and is known to cause problems (and it's not actually necessary for mipmapping). Please disable it. You can find it in the launcher flags list under "Troubleshoot" (look for "Enable mipmapping").
-spec
-glow
-env
Deprecated flag '-spec' found. Please remove from your cmdline.
Deprecated flag '-glow' found. Please remove from your cmdline.
Deprecated flag '-env' found. Please remove from your cmdline.
As those messages say, remove those flags. Look for them in the custom flags list.
Found root pack 'D:\Program Files (x86)\Freespace 2\...
Installing FSO to Program Files is just asking for trouble, especially if you're running Windows Vista or later. Move your "Freespace 2" folder to a place like D:\Games.
All right, now to actually fix your problem.
Your log shows that you're running FSPort 3.3, which is outdated. The latest version is 3.4, which can be found
here. Everything there except Warble has been updated since 3.3.
If that doesn't solve the problem, then create and post another log.