By the way, this needs to go at the very bottom of the substrate. I believe the suggested amount is on the order of 1-2 teaspoons per square foot, so just scatter it evenly at the base of the tank., then put the substrate on top.
This product does contain Ammonium Nitrate, so if you keep it at the bottom and avoid disturbing the substrate too much, you will avoid leeching of ammonium up into the water column. This shouldn't be any worse than what Aquasoil does, which is notorious for leeching NH4+.
Osmocote is a gel encapsulated NPK product. The NPK slowly leeches out of the gel based on the temperature. Warmer temperatures cause higher rates of leeching. It is primarily for terrestrial plants but even when submersed, it does not become waterlogged. This is good to use with any clay substrate in particular, but with any substrate generally.
If you have access to peat, you would do well to lay a very thin layer at the bottom as well. The peat provides carbohydrates to the rising population of bacteria. ADA Aquasoil, which sells for a kings ransom (as do other designer substrates), is basically clay baked with NPK and peat. It's the cats meow of substrates, but the effects can be easily simulated with the combination described above for loads less money, especially if you are dosing the water column regularly. I recall JamesC used a similar configuration in his Akadama journal, which is a sticky at the top of this section. Check it out.
Cheers,