So, I actually do use this approach during the summer but I do it only because I am not here with my collection all summer so if I didn't use a time-release the plants would not get fed from June to October which is the prime growing season. If I were here, I would fertilizing by hand on a schedule like I do from late Oct to late May.
What I will add is like most things in life, do it in moderation and make sure it is of the "SLOW RELEASE" type. (and this is probably still way too fast)
I sprinkle a few pellets around the very outside perimeter of each pot (hopefully lessening the potential of burning the plant) or I use the tea bag approach for mounted or hanging plants like vanda's. And I'm not enamored with the tea bags because they are pretty much fully deteriorated by the time I get back. I may try finding and cutting up nylons as Ray suggests or some other material that might be more durable.