Which bit of it is worrying you?
I am not too worried by expanding the groups which are protected, as that wouldn't make "calling a man a man" a hate crime; there would still need to be an actual crime.
eg, hate itself (no matter who you hate or why) is not in itself a crime.
As long as this remains the case I think that "hate crime" and "free speech" can go together.
The bit I would be cautious of is the "stirring up hatred" offence, and where the threshold is set:
5.37. I consider that the requirement for threatening behaviour sets the threshold too high. Abusive conduct which was not necessarily threatening could still be intended to stir up hatred in relation to a protected characteristic or could give rise to the likelihood that hatred could be stirred up. The use of the phrase 'threatening or abusive' would be consistent with the approach in section 38 CJLSA. I recommend that the threshold about the nature of the conduct in a stirring up of hatred offence should use the words 'threatening or abusive'. '
"Threatening" is non-ambiguous enough, imo.
It should not be OK to tell someone to "die in a fire", and not should it be OK to accompany more mild language with a photo of a gun etc.
But "abusive" is too open to interpretation, and would have to be very clearly defined to protect free speech.