The Outlast supplement is some proprietary honeycomb structure that’s supposed to make the magnesium and calcium more available due to a higher surface. I question whether that makes a significant difference on an as-fed basis.
But, they recommend you feed it 3-4 times a day, which not only is quite expensive, but it makes you question just how long the pH is raised. It’s value may be only in feeding it right before you ride, but from that perspective, it’s probably just the same to feed a pound of alfalfa pellets.
They also claim some specialized yeast for the hind gut, but who knows if that’s anything valid.
It’s probably worth trying on a horse with known issues and seeing if it does anything for him.