But being edited or pulled on any given day for being "offensive" in a free speech newspaper is the ultimate in hypocrisy...
Not really. The newspaper's publisher also has a free speech right not to publish something he or she dislikes or finds offensive.
Basically, the relationship between the cartoonist and the newspaper is the same as the relationship between any creator and consumer. If the consumer doesn't like something, he doesn't have to buy it or, once he buys it, he can alter any way he sees fit. His money, his right.
The ultimate in hypocrisy would be more akin to a newspaper publisher demanding that the government censor some other person or medium while demanding free speech for newspapers (which, in fact, they do all the time--calling for censorship of TV, movies, video games, political campaigns, etc.)