Hi Sol
Complicated issue, good luck with this one! Here is my view on the whole thing. Hope it helps.
I have been reviewed by ONE free member - and not from the Free group, but from a different group that doesn't pay points. I thanked them kindly for their review, recip'ed and told them if they really want to get value from this site (and more reviews, me included), they should do reviews that pay points and post in a group that pays points. Turned out they are serious about writing and reviewing, and did just that. Turned into a great new reciprocal relationship, but alas, the only one from a free group (not the Free group).
Since the new site launch, all my new friends have come from the premium group. But these results are skewed because I don't post to the Free group. Why you ask. Because there are more than enough new members joining the Premium group who I think, given that they are paying members, should be looked after first. Am I potentially missing great reviews and new friends from the Free group? Sure, I have no doubt. But my perception/gut feel is it is much easier to get good reviews/friends from the Premium group than sifting through I don't know how many free accounts to get to that special one. I don't have the time even though I have the points.
That's one question answered.
When I joined the old site, you needed points to post. I joined as a "Reviewer" (free member) and started doing reviews to build a point balance to be able to do so. Never having done a review before in my life was not a barrier to do so either. I read other reviews and the forums to learn how to do it as well as from the replies to my reviews. So you don't need to be reviewed to learn how to review IMO. It worked out well for me - I can't see why it won't work out well for others too - whether you just review or pay, post and review.
So in my opinion, get rid of it. Another option would be to keep it like it was on the old site. Free members can review and earn points, but need to go Premium to post and be reviewed. If someone is willing to pay, it's already a good indication that they are serious.
My 2 cents - so just a couple more to go, and you can go and buy yourself that drink you so need by now! 
Cheers
Janet R