My former emloyment was with a company where I flew C550 for private owners (management) and a little C206 on floats on the AOC. Our principal inspector told me that I, since I was employed by the company as a commercial pilot, had to obey by the FTL at all times, even when flying the C550.
So, by assuming that the inspectors understanding of the law in this matter was correct, it should mean that even though you remove an aircraft from the AOC and fly it privately you cannot stop following FTLs. At the same time though you should not have to use the 60% rule for landing distance for example. The only solution to the FTL problem would be to place the aircraft in another company.