So is this mod Metaverse friendly?
No. You could get just the textures and replace the existing ones with them, but you can't use the other changes such as colored starlight and the RAW maps.
Kryo's right. However, once you get the mod, if you would like it to be MV friendly, you'll have to strip out everything but the replacement image textures.
Lovely lighting, makes the planets really seem to belong.
What happens if the stars are very close together?
AFAIK only the planets in a particular star system are affected by that star's light. So basically, it wouldn't be an issue. Planets of a Red star system would be in red light, and the planets in a green star system right next to it would be in green, with no overlap.