Is Ultimate Visual & Model Fix Pack free?

Yes. Ultimate Visual & Model Fix Pack is released under Community / MIT and costs nothing. Neither it nor Team Fortress 2 has any paid content.

What do I need to run Ultimate Visual & Model Fix Pack?

Team Fortress 2, which is itself free. Ultimate Visual & Model Fix Pack is an add-on and will not run standalone.

The PlayBound Launcher installs it in one click from Team Fortress 2's mods list. You can also install it by hand — full steps are on this page.

Roughly 110 MB, on top of the base Team Fortress 2 installation.

Yes. The source is published at github.com/mastercoms/mastercomfig under Community / MIT.

Ultimate Visual & Model Fix Pack — Free Team Fortress 2 Mod · PlayBound