Can You Redeem a PSN Code for a Game You Already "Own" through PS Plus?
- You cannot purchase a game that is already listed on your current PSN account as "Purchased" (which these free games are). You would have to wait until your subscription expires or make a separate PSN account.
- I sort of answered this in part 1, but yes, if your sub is no longer active you are free to purchase any games you had for free on PS+ (otherwise they would essentially be locking people out of buying certain games if they choose to no longer use PS+, which would just be a terrible business model).
Some info found from this post.