Any shortcuts associated with reduced costs will reduce returns over the life of the stand. An alternative is to follow stand establishment recommendations, but consider establishing fewer acres of alfalfa to reduce total capital outlay.
Some factors involve higher costs than others.
Depending on the site, soil, rainfall, probability of weeds, insects, and diseases, etc. Recommended practices are designed to maximize the probability of establishing a profitable stand. Any adjustment will decrease the likelihood of obtaining a satisfactory stand. One approach to take when capital is limited is develop a budget with the right amount of inputs to get the best possible stand. Evaluate each factor independently.