I've had a chance to launch the mod, and I'm getting crashes in reference to portraits FA01, FA02, FI01, and FI02, which don't exist.
Removing the offending lines from the .faction files fixes the issue.
52322 [Thread-9] ERROR com.fs.graphics.float - Error loading [graphics/portraits/fa 01.png] resource, not found in [C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\DynaSector,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Blackrock Drive Yards,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Combat Chatter,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Console Commands,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\DIABLEAVIONICS,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Interstellar Imperium,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\JP_RC_255,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\LOGH,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\LazyLib,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Messy Portrait Pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Nexerelin,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Portrait pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Save Transfer,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\shadow_ships,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Ship and Weapon Pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Steiner Foundation,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Templars,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\mayorate,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Tiandong Heavy Industries 1.1,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Underworld,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Version Checker,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Audio Plus,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\GraphicsLib,../starfarer.res/res,CLASSPATH]
java.lang.RuntimeException: Error loading [graphics/portraits/fa 01.png] resource, not found in [C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\DynaSector,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Blackrock Drive Yards,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Combat Chatter,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Console Commands,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\DIABLEAVIONICS,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Interstellar Imperium,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\JP_RC_255,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\LOGH,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\LazyLib,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Messy Portrait Pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Nexerelin,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Portrait pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Save Transfer,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\shadow_ships,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Ship and Weapon Pack,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Steiner Foundation,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Templars,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\mayorate,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Tiandong Heavy Industries 1.1,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Underworld,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Version Checker,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\Audio Plus,C:\Program Files (x86)\Fractal Softworks\Starsector\starsector-core\..\mods\GraphicsLib,../starfarer.res/res,CLASSPATH]
at com.fs.util.C.Object(Unknown Source)
at com.fs.util.C.Ô00000(Unknown Source)
at com.fs.graphics.float.Ô00000(Unknown Source)
at com.fs.graphics.float.Ò00000(Unknown Source)
at com.fs.graphics.float$1.run(Unknown Source)
at java.lang.Thread.run(Unknown Source)