The power description says nothing about the timing of the Free Action granted. Can Psycho Man be given the power action to activate Fear, be carried, then use the Free Action? I can't see why not.

You cannot interrupt the text of a power to do something else - when you give him the power action is when you must choose and execute the result.

Blast.....

More specifically (FF rules, page 7):

Giving actions to characters. During your turn, you give actions from your action total to your characters. When a character is given an action, the action can be used to activate only one effect. If you have more than one action available, you must resolve one action before initiating thenext action. Resolving an action includes completing any free actions the action allows. You can’t give any character on your force more than one action from your action total each turn. A character that has two action tokens can’t be given an action other than a free action. If you have more actions than characters, you can’t use the extra actions. You do not have to use all of your actions on a turn, but you can’t save or accumulate actions from a previous turn to use on a subsequent turn. After a character resolves an action given to it (other than a free action), remember to give it an action token.

Same reason you can't MC an opposing character, do something with another one of your characters, then come back to the controlled character later in the turn.