FSO has a lot of mods which mostly have their own continuity. I would call any other Freespace Fanfiction (which is basically what FS mods (excluding TCs) are, though I admit the term doesn't have as good connotations) the same sort of thing. Be it a novel, short story, live action TV show, movie, mod, machinima, animated series, comic book, play, poem, radio play, documentary or whatever it is still a work of fanfiction that should be viewed in the same way any mod is. Presently almost every piece of Freespace fiction is a mod (not a bad thing), but I am fully okay with someone going and making, for example, a TV show provided it is not-for-profit and not called "Freespace: The Movie" (I say this in a similar vein to the convention of not calling a mod "Freespace 3" (parody exemption)).
Personally, I would be delighted to see sub-divisions of this board which don't just relate to mods, but to, say, a novel or a webcomic.
Now for a company to actually go ahead, get the intellectual property and make a tv show? That I'm not so okay with (can't a games company get it instead? Preferably one who can give it to Volition?) and believe to be impossible anyhow.
In short. If you (general form of "you"; not specific) want to make a non-canon Freespace TV show, go ahead. Of course the problem lies in not being able to actually air it... but youtube?
All IMHO of course.