There are some major problems with free handing small blades like that. One of the biggest is keeping the same angle while sharpening them. I can sharpen a knife with the best of them free handed. I struggle with smaller blades, especially broadheads. Not all, but as a whole, most of them. I have been using a RADA sharpener for about 5-6 years for everything hunting related. I can get my broadheads back to shaving sharp in less than a minute almost everytime. I have sharpened Simmons bleeders, slick tricks, swhackers, rage, etc. They can all be sharpened with a RADA very easily once you know proper technique.
Although it is basically 2 wheels with a handle, it does take a little learning on how to do it. I made a video for some guys a few years back and put it on youtube. Several people have messaged me over the years talking about how well it has worked out for them. The best part? You can get 2 of them shipped tyd for less than $15.