There was a study done last year which compared symptoms of men with low total (below 300 ng/dL / 10.5 nmol/L) or free (below 6.3 ng/dl / 220 pmol/L) testosterone. The group with low free testosterone had more symptoms than that with low total testosterone.
Free Testosterone Could Be Key to Diagnosing Hypogonadism | ISSM
I posted these links a day or two ago. This paper suggests offering TRT to patients whose total testosterone is less than 350 ng/dL (12 nmol/L), or whose calculated free testosterone is below 8 ng/dL.
http://www.menshealthboston.com/pdf/2011_Testosterone-Deficiency.pdf
And this has a range of opinions from experts, who use similar cut-offs. The calculated free testosterone value they use is around 6.5 ng/dL / 230 nmol/L, so slightly lower than the above.
http://www.menshealthboston.com/pdf...ynthesis-of-International-Expert-Opinions.pdf
I think that it's worth using as a diagnostic tool, but that's probably because my free testosterone tends to sit in the 6.5 to 8 ng/dL / 230 to 250 nmol/L range.