Thanks for the input everyone. In our area, hay did get scarce this past year, but I was lucky to be able to have access to a good supply. I feed a grass/alfalfa mix. They're slowly being introduced back into the pasture, currently with muzzles. I'd also like to cut out the night feeding I'm doing, with the exception of our hardkeeper (who will remain on her current ration of Omolene 300, because that's simply the only thing she'll eat). None of mine are being worked hard and no one is being bred. Based on their current conditions, no one needs any extra calories but I'd like to continue to feed them something to ensure they're getting a balance of vitamins and minerals.
I thought I'd add the protein, fat and fiber contents of the balancers I have access to to see how it compares to the ones you are all feeding. Listed in order of protein, fat and fiber:
Nutrena: 30, 5, 8
Pennfield: 26, 3, 8
Purina: 32, 5, 5.5
McCauley's: 30, 5, 6
Triple Crown: 30, 5, 6
Right now, I'm feeding Purina's Miniature/Pony feed. At .5 lbs per day, per horse, I'm averaging nearly 2 bags of feed a month at roughly $30-35. If I remember accurately, I'd be feeding about .25 a day of the balancer, which would be less than one bag per month. The last time I bought a balancer feed, it was around $30. I need to check with my mill to see what the current costs are for these brands they carry.
I would like to experiment with this over the spring/summer/fall months and see how it goes. The worst that can happen is that I need to switch back to a traditional pelleted feed.