As free (ως ελευθερο). Note nominative again connected with υποταγητε in verse 1. Peter 2:13, not with φιμοιν in verse 1. Peter 2:14 (a parenthesis in fact). For this ethical sense of ελευθερος see Galatians 4:26.

And not using your freedom (κα μη εχοντες την ελευθεριαν). "And not holding your liberty" (present active participle of εχω, with usual negative μη with participle.

For a cloke of wickedness (ως επικαλυμμα της κακιας). Επικαλυμμα (from επικαλυπτω Romans 4:7) is a rare word (Aristotle, LXX) for veil, here only in N.T. and in figurative sense for pretext to do wickedness under, a thing, alas, that sometimes happens.

But as bondservants of God (αλλ' ως θεου δουλο). Paul's proud title. There is no such thing as absolute freedom (personal freedom), for that is anarchy. Cf. Romans 6:22 "enslaved to God."