I'm in central Texas and last year we were coming out of the 1996-97 1998 2001-02 2003 2005 -2006 dry spells. We had started to get some good rains in late October. Our pastures were so overgrazed and worn down that my main goal was to get them regrowing anything that would grow. I started renovating pastures and hay meadows and threw out 10# of rygrass mixed with 2# ball clover. At the first sign of greenup in late February to early March I fertilized the pastures with 200# of 15-30-15 or 150# 30-10-10. Middle of March fertilized the hay meadows 300# 30-10-10. I was assuming my only chance of making hay would be the spring grasses and was counting on only one cutting. Luck had it we kept getting rain regularly. Some would say to regular because the abundance of rain made getting the hay cut, cured, and baled before it got rained on nearly impossible. The point of all of this is that except for 1996 when we had a dry spring, growing ryegrass, oats and early season grasses is what I count on because moisture is usually available through May. After May if it stops raining and the heat sets in in June, growing hay is near impossible unless irrigated.
I will have to say my efforts paid off. In a normal year I will bale between 110 - 130 acres. Last year I baled 280 acres. The pastures recovered remarkably but the $1000 worth of ball clover was wasted. Only about 2 acres came up.
My recommendation would be to plant the ryegrass. If you wind up not needing it for grazing, bale it. The cows are going to need somthing come winter. Don't count on summer grasses for this years hay.
Good Luck