Does this mod require certain graphics settings to be enabled (shadows, screen space reflections, etc.) or is it an override that's always on?
It doesn't require it no, but in particular the ssao is used for more things now.
Also if I wanted a "lite" version (similar to how the ENB editor for Skyrim let you turn down shadows, lights, etc.) is there a parameter or two that I can edit?
I don't know yet if I can parameterize settings, beyond compile time defines in one of the shader include files, so far I've been told that that is not possible on the Egosoft Discord. I will not be doing and maintaining a bunch of modular versions myself.
Ambient Light (works really great and the additional lens effects look really cool in space)
Can you elaborate what exactly you mean by ambient light in this case?
+ CAS Adaptive Sharpening (gives those textures some more pop)
Bloom and Lensflares (for additional, chromatic abberation lens flares)
I've not looked at anything postprocessing yet, I might add CAS. Just boosting existing bloom, flares and chromatic fringing, should be easy to add - but some people hate those effects.
(aliasing is really bad in X4)
I work with AA off, and aim to reduce the sources of aliasing, before touching anything AA, or CAS for that matter, related.