There is nothing to beat good hay, but it is difficult to source and most farmers round here are baling their hay to make it a consistent quality.
I prefer to feed half and half if the horse is in work, or ad lib hay if not.
My cob can't eat any hay, soaked or not, since very bad episodes of RAO 3 years ago. She does really well on haylage, but I have to make sure it's not been cut from too-rich grass. This year's supply is perfect, cut off some ex-set aside land so no fertilisers have been used.
I don't feed it at lib. She and her friends are out 24/7 (she's in light work) and they get 3 x big haynets each per day at equal intervals (probably about 12-15 lbsper horse in all), and a very small amount of hard feed.
I came unstuck last year as the haylage was far too rich and moist, and it gave her winter laminitis. This year's stuff is much drier, almost like hay, and there is no problem, so far!!
So I think your cob should be fine on it. But just watch its weight. I agree with other posts, there's nothing like good quality hay, but for us that isn't an option. Good luck.