Yes freelook works without IR-leds.. but was VERY sensitive to interference.
As far as cooking my LEDs... well they are less than $2 each and installed into LED sockets I ripped off an old computer case down in the basement.. so replacing them takes literally 2 seconds.
I also tried adding a fifth to further bring down the voltage of each.. and they wouldn't even light at that point, so I think they are already at their low end of operation voltage... I'm not worried about cooking them.
I've discovered if I point them straight forward, I have to turn the camera sensitivity way down and if I do that more than a slight movement makes it lose track of one or two of the lights, so I've discovered if I point them down about 30 degrees, I can crank the "brightness" up on the camera and get almost a full 90 degrees of head movement.
I'll probably mess with it a bit more over the weekend.