No, there is no menu to do this.
To use the "free" label model by default, you would need to create nodes/edges in the editor, change their label models from "smart free" to "free", then create a user-defined palette sections and add the previously created elements to the new palette section (right-click on an element to open its context menu and choose "Add to Palette). As a last step, double-click one of the new templates in the new palette section to make it the default for node/edge creation.
That said, I am wondering why you would want to use "free" instead of "smart free"? "Smart free" can be positioned anywhere same as "free" and behaves much better when moving labels around or changing the owner node/edge.
Addendum:
Snapping of "smart free" labels can be suppressed by pressing and holding CTRL while moving "smart free" labels. Without snapping, you have full control over "smart free" label placement.
