While I'm totally on board with where you're going with this, and in strong agreement, I do think that "free spirit" may be a problematic term to use for this in regards to the Hanged Man. The key to what we call a "free spirit" isn't just that the person thinks differently from the rest of us, and is "free" of society's requirements in what to be/think...it's that society sees his individuality as harmless. Innocent and charming rather than threatening.
But the Hanged-Man, also known as the "Traitor" is someone who's spiritual individuality is seen as threatening. It's why he's seen as a martyr, as someone making a sacrifice. He's giving up being part of society in order to follow this spiritual path. Within, he may absolutely fit the definition, having set himself and his spirit free. Though looking like he's restrained, he is free within, and like the Fool, unafraid, etc.
But from the view of those looking at him, he is not a "free spirit." And the term "free spirit" is one that is typically applied by those looking at the person, not the person himself. So, I would say that the Fool is very much a free spirit--innocent and unthreatening in his "free-ness," while the Hanged-Man, who has caused others unease and continues to do so as he hangs upsidedown, not right-side up like the rest of us, is anything but.