It would appear that the “flag” mechanism is identical between the FF Tip-up and the FF Hooksetter. I wonder how difficult it would be to remove (and replace as needed/desired) the “hook setting” feature to modify the FF to comply with the applicable laws for the location at hand.
Use as a hooksetter where legal. Use as a tip up where the hooksetter is not legal.
I know they have adapter kits to covert a regular FF into a hooksetter. All it takes to convert it the other way is use the standard FF rod holder. There’s a little mechanism at the front of the FF that hooks the rod tip. You don’t have to use it and it will work like a regular FF.