In the Slums area there's a building that is a boat. Inside there are some slaves (children) to free. And, as you say, lots and lots and lots of traps.
I did this before freeing Hendak so when he said "go and free the slaves" I had a converation item "I have already freed the children".
So, no, the order doesn't matter. Just make sure you talk to hendak after freeing the children to get the xp award and the cheap prices for gear from the fat man.
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