The National Aeronautics and Space Administration (NASA) is planning future deep space missions requiring space-based imaging reconnaissance of planets and recovery of imagery from these missions via optical communications. Both applications have similar requirements that can be met by a common aperture. The Johns Hopkins University Applied Physics Laboratory in collaboration with commercial and academic partners is developing a new approach to deploying and controlling large aperture (meter-class) optical telescopes on spacecraft that can be rapidly launched and deployed. The deployment mechanism uses flexible longeron struts to deploy the secondary. The active control system uses a fiber-coupled laser array near the focal plane that reflects four collimated laser beams off of the periphery of the secondary to four equally-disposed quad cell sensors at the periphery of the primary to correct secondary-to-primary misalignments and enable motion compensation. We describe a compensation technique that uses tip/tilt and piston actuators for quasi-static bias correction and dynamic motion compensation. We also describe preliminary optical tests using a commercial Schmidt-Cassegrain telescope in lieu of an ultra-lightweight composite Cassegrain, which is under development by Composite Mirror Applications, Inc. Finite element and ray trace modeling results for a 40 cm composite telescope design will also be described.