I used to use alfalfa pellets. They did OK, but I really could not see much difference from using standard fertilizer.
I sprinkle two to three tablespoons full (depending on size of the clump) of 20-0-10 (non weed-killer Fall formula grass fertilizer) around each daylily in the early Spring (March). I pick it up cheap in late Fall and store it in a cool, dry place. In late April I scatter a light feed of 10-10-10 to harden growth and promote flowers. It works like a charm, is less expensive, and easy to apply. Also, I found that alfalfa brought lots of weed seeds into the garden--not good! My garden is too large and varied for me to go through soil testing every year (the proper way to judge fertilizer). So, I err on the light side and I get great results.