The Magpies, currently rock-bottom of the Sky Bet League One table, turned to 35-year-old rookie Derry, who began his long career at Meadow Lane, following the sacking of Chris Kiwomya.
Current Bolton boss Freedman played in the same Palace team as Derry last decade and saw enough evidence that Notts County chairman Ray Trew made the right call in appointing him.
"You can expect Shaun Derry to do it Shaun Derry's way," said Freedman, who had initially been expecting Derry to line up in Millwall's team against his Bolton side last weekend prior to his career change.
"He has got all the makings of a very good manager, I believe. He's very single-minded, knows exactly what he wants and he has a plan for the next couple of weeks, he told me.
"Hopefully he can get off to a good start, get a little bit of confidence as a manager, get the right backing from the board in terms of recruitment, which is what you need, because they're down there (the table) for a reason.
"f you're asking me how he'll do I think he'll do very well."