If its a freewheel chain tension is not as critical as fixed wheel.<snip>
That's a crucial point. Chains don't normally derail at low cadence & if they do the consequences are rarely serious. If you regularly pedal high cadences downhill (unusual, but I might do it), then the consequence of derailing is far less likely to be life-threatening than with a fixed gear, because the freewheel disconnects the chain from the back wheel, unless the chain drops between the sprocket & spokes. In that event the outcome is less predictable, but is very unlikely to be worse than with a fixed cog.
Chain tension needs to be maintained regularly & systematically with a fixed gear. It's frequent enough that it's worth optimising the tightening procedure. This maximises the time between re-tensionings. It's not normally necessary to that anal about it if you have a freewheel. Overtightening will shorten b/b &/or hub bearing life, but a bit too much slack is less critical.
I am unconvinced that there is a universal test for "too slack”. The rule of thumb seem to ignore the differences between fixed, single-speed & hub gear. Also, I can push the chain off my (fixed) chairing with my fingers when the chain has just been tightened, even with a new chain. That's presumably a consequence of an 8-spd bushingless chain, despite a 3/32" chainring which is old enough to have full-width teeth. Doubtless a 1/8" bushed chain would behave completely differently.