No, this is not possible right now. App Engine gives you a few knobs to balance cost vs. response time: instance class (applies to all versions), min/max pending latency, and min/max idle instances. The latter two sets of knobs only apply to the default version of your app.
There are other ways you can try to lower cost for free users though. e.g. give them limited storage, limit the number of logins or page views over a period of time, serve them lower quality images (if your app is image intensive), etc.
I'm not sure "cut costs for free users" is a useful strategy though. The conventional wisdom is that you want to turn your free users into paying customers (known as "conversion" in the biz). This is more or less what App Engine itself tries to do :P. There is no magic bullet that instantly turns free users into paying customers. The "trick" (if you can call it that) is to make the paid version of your app so compelling that people would rather part with their money in order to have it.