It's not only crappy reserve players that get added! Sometimes very important players also!
Sorry matey, I think I have to disagree.
After the transfer window closes, very rarely do any players of any significance move on a Free Transfer. And if they do, they won't have a face scan until the next DLC.
The only players I can think of - of any real stature to have moved during mid-season are Diego Costa & Carlos Tevez. Tevez was registered to Boca for about 2 months before he got his proper face back.
I do believe that all players added within the Live Update do get added to Free Agents if I wanted to transfer the more renown players manually.
Otherwise, Tommy Bracker making a first team appearance for Bristol Rovers isn't at the top of "must have" players.
I have to admit though, I try not to add the Live Update as I have extensively edited each club's formation. As soon as you apply the Live Update, it defaults. I can't update every team, every week!
So, the above statement is based on my situation and is totally 100% my opnion - which I try not to enforce on others.
Peace!