Either one. There’s nothing that says you can’t feed UC to a lightly working horse - I’ll actually be trying a bag for my 33yo who hasn’t worked in 18 years, to see if he’ll like it enough to eat enough of it LOL
It’s a high fat, not high protein feed, and the 17.5% NSC is higher than TC Sr or TC Sr Gold, but not HIGH, there’s nothing wrong with it for a lightly working horse.
And in “light work” he’d only need 4.5-5.5lb a day anyway, assuming he’s in the 1000-1200lb range, which is less than the 6lb of TC Sr/SG he should get. You COULD feed more, but those are your lower end starting points.