Posting to follow.
I'm in a similar situation, and was considering doing this as well. I'm fortunately already past the 2 year mark, so I'd probably do transfers to my IRA quarterly.
Are you sure the front load would be 5.5%, or is that the maximum front load? The front loads on our accounts are tiered, based on how much total money is being invested through our employer's plan at the time the contribution is made. Currently our accounts total more than $500,000, so we are "only" charged a 2% front load instead of 5+%.
Regardless of what fund you decide to invest in, you should at least contribute up to the match amount, since that's a 100% upfront return. Do you have a retirement account through your employer, and are you maxing it? If the investment options are better there than your DH's, you may want to contribute just enough to get the match in your DH's account for the next 2 years, and then contribute any extra to your account for now.
I'll be interested to see other responses to this.