Yellow Lantern

Can't find any other OOC page, okay, so here goes...

I'm just wondering if it would be possible to create a Yellow Lantern who while possessing a yellow ring, does not affiliate himself with the Sinestro Corps? At least, not in person, and while he does use the power of fear, he is not a villain, but rather a hero? Always had this idea in my mind, where he'd be at odds with his own corp and targeted by other corps because of his color, but barely tolerated by the Green Lanterns, since he spreads fear only to criminals and their ilk, and aren't the Green Lanterns basically a galactic police force?

Just explain it via Backstory, and I'll make revisions as necessary