Can I play a co-op campaign if I am not at the same point in the campaign as the host?
Yes. However, you may not be able to save your game or you may have to replay parts of the game that you have already completed.
The campaign is divided into chapters and each chapter is divided into parts. If your game has not been saved at exactly the same chapter and part as the host's game, a dialog will appear when you join the game. The options you are given by the dialog depend on whether you are further along or not as far along in the campaign as the host.
If you are further along in the campaign than the host:
The dialog will contain the following options:
Yes, use current slot - Play the co-op campaign using your current save slot. Any experience and items you gain during play will be saved. Progress will not be saved until you progress past the chapter and part you had reached before joining the game. This means you will not lose progress.
No, use a new slot - Save your progress in a new save slot. Any experience and items you gain during play will be saved. Progress will not be saved until you progress past the chapter and part you had reached before joining the game. This means you will not lose progress. You will also have a copy of your game saved at the point you had reached before you joined the co-op campaign, in case you wish to resume from that point.
If you are not as far along in the campaign as the host:
The dialog will contain the following options:
Continue without saving - Join the campaign without saving progress. Any experience and items you gain during play will be saved, but progress will not: the next time you load your game, you will begin from the point you had reached before you joined the co-op campaign.
Back - Choose not to join the campaign.