my thoughts would be if you can make sales from it, then make a site from it. Yes the content may be over exposed for the best converting sponsors - the LL owner may even set up his / her own free sites using that content, but if you make the site, SEO it, stick it on your own LL and submit it to 40+ sites, some will list it, and your better off than if you had not made the site at all (assuming you wouldn't have done anything else in those 3 hours!).
Where possible I think giving away bought content on freesites is a touch over kill. If its exclusive type content, or just stuff not many have seen, why give it away for free, when you can charge for it?
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