It works. It is 2nd Ed. which means the final [3rd Ed.] rule that BB are 2 hit ships is not supported.
It even includes the total rule book, in "Tools", IIRC.
You can also download the LHTR for A&A Revised 2004. If you want to see want they did with Revised. The 3 changes from Revised to LHTR that I saw are:
1] You get new Tech at the end of your turn. In MB A&A buying Tech is stupid because of the cost and uncertainty of what you get, but they improved that in Revised, at least some.
2] Jet FTR Tech still has them defend at 5 but adds that they can ignore AA gun fire, no doubt because on land you rarely defend with FTRs.
3] The Victory condition was changed from either 8 or 10 [or all 12] Victory Cities to 9 Victory Cities or all 12.