In short ... not, it won't work.
As far as I know ... If you have a "Free ESXi" license, it should not connect to vCenter. If you attempt to add the ESXi host which uses the free license, it should fail stating you don't have a license for the vCenter agent.
This means you either need a paid license for ESXi, or a trial for the current versions. I think you can only get a vCloud Suite license on trial now, which will only work in vCenter 5.1.
Additionally, the Free ESXi license does not include DRS ... which is required by vCloud Director. So that's another reason to have a higher license level.