Nope. A sorcerer is still restricted by his spells known for the purposes of the combined variants.
In fact, though most Effect Words have no restriction on target choices, the better ones... Do. This combined variant would make a spontaneous caster have a bit more leeway in their choices- if they could change their 4th level acid spell from a cone to a single target spell...
Personally, I support this combination of variants for spontaneous casters only. For prepared casters, stick with the normal casting system, since they (wizards/clerics/druids) have the fact that their magic is a learned art, while spontaneous casters have the fact that it's inherent as a fluff point.