Horse are significantly harder on pasture than cows. Bigger feet, more movement, they run around and play and do sliding stops and spins tearing up the ground. I have both and know that which I speak!
I also know UT Extension and they really don’t give two squats about equine management–in my experience they are all about cattle all the time. So I would be terribly cautious making any major (expensive) decisions for an equine operation based on what I strongly suspect is their cow-centric research and approach. Just like you think that “horses on fescue” was an after thought I assure you the current “horses on NWSG” is just a similar convenient add-on for them.
Small hay production (one cutting a year) does not make up for the expense of either having it cut, the machinery and labor to do it yourself or the risk you get something you can use. Cutting hay for horses has a significantly smaller margin of error than for cattle. I’ve actually dealt with a local hay guy who thought he could get into a niche market with warm season hay. After a few years he abandoned it because what was produced was not very appealing to horses. He found short of starvation many horses simply wouldn’t eat the hay, including mine. My IR horse was a taste tester horse for him and wouldn’t touch it and he wasn’t a particularly picky eater. I don’t see ANY model for NWSG that does not include the cost of hay for 4-5 months a year either the DIY cost of production or the purchase from a supplier.
I don’t mean to be a debbie downer, but I have done a little research on the possibility of doing this here. I have enough acreage, cross fencing, excellent acre/horse ratio, appropriate maintenance equipment (although no haying equipment) and am happy to use chemicals for better pasture maintenance. There was no long term financial effectiveness I could find. My husband–who would have loved to make the transition on our farm for the added benefit of creating habitat for upland birds–was even willing to lose money on it but we STILL could make financial sense of it.