In جَاءَ زَيْدٌ مُسْرِعًا, Zayd is the subject and bearer of the circumstance. In رَأَيْتُ زَيْدًا مُبْتَسِمًا, Zayd is the object, yet it is his state that the accusative ḥāl describes. A bearer of ḥāl is therefore not restricted to grammatical subjects.
When a following circumstantial clause contains a pronoun, its referent must be a syntactically and semantically suitable participant. Mistaking that referent leads to the wrong decision about whether a linking wāw is needed.