If there is one thing I've learned, it's that no 2 tanks are alike. Whether to feed your LPS/softies or not I beleive depends on a lot of factors. Primary among them is the nutrient level in your tank. In my tank, the SPS are growing like gangbusters, while I've killed a lobo due to what I have come to realize as starvation. On the other hand, I know of other tanks that have excellent growth on their LPS, but can't seem to keep SPS, and I believe this is because of high nutrient levels in their tanks.
To keep my current LPS livestock alive, I've taken to target feeding them once a week, with that seasquirt. They seem to be responding, with no deleterious effect on my SPS.