From the 2.125G rate I assume this is fiber channel? You should find many available options for this SFP without much difficulty. You might find multi-rate SFPs which cover this and many other rates but they will likely be more expensive. But you can get 1/2/4 gig fiber channel SFP for $50 so it’s not like they are very expensive.
But to answer your question directly - no, trying to use 8.5Gbps SFP will not ‘translate fine’. The exception may be a multi-rate SFP, such as the afore mentioned 1/2/4G unit. These have PLL which will allow operation over wider rates.
When choosing a replacement you also need to be aware of the other characteristics: multi-mode or single mode; gray or colored; reach, etc.