I read an article in an older AIS Bulletin concerning the use of alfalfa....I'll try to hunt it up, as I don't remember all the particulars, but "fresh" alfalfa would have the same "mix" of hormones, and the same 'basic" mix of nutrients, although the nitrogen content would be higher that the dried. Alfalfa has been used as a 'cover crop", for ages, and ages, because it does improve both the soil, and the quality of the crop.....and generally it "plowed under green", so I guess harvesting your own would work.....the only downside I can see is the 'fresh" would contain a lot of 'water"....so you would be handling a lot of "green alfalfa", to get the same amount that comes pelletized in a 50# sack !
I get mine at a local feed mill, and I think a bag of pellets (or meal, which I sometimes buy) is about $12-$13.