Can a person live a normal life if their lung collapsed as a baby?

Whether a newborn, child, adult, or senior citizen, once a lung is re-inflated (tube inserted to remove air or fluid), the lung heals. There may be slight scar tissue where the surgical "stab" entry was made to insert the tube, but this generally doesn't cause long-term problems for most patients. So you should be able to live a normal life if it does happen.