Steve,
I agree with you on the timing of fertilizing. I do all hosta fertilizing in June, and when I plant them.
Van Wade of Ohio told me that meal and pellets do not feed as long as cubes because cubes release much slower since it has more mass and it is safe to use in greater quantities. For a medium size plant, I use 3-4 cups of the mixture. This mixture is a green manure and you should treat it as such.
I have checked a test plant one year later, and about 1/3 of the mix was used. One year later, there was stil some. The following year the amount was greatly reduced; however, I did not fertilize again until the fourth year.
I do not know much about how often to use with daylilies; however, I am now set-up to observe for the next three years.
The same amount of the mixture in a potted hosta will harm the plant, and I use only one cup for a gallon pot. I never use the mixture with tissue culture because the roots are too immature. They are babies.