In my experience fluridone is pretty non-selective, although it will not touch algae. It took care of my pondweed, cattails, and all the grass around the shoreline, however.
It's my understanding that Fluridone works by maintaining a specific ppm concentration over an extended period of time. Thats going to be hard, if not impossible, to accomplish by spot treatments. No way to maintain the required concentration without it dispersing throughout the entire BOW.
It's not a poison....it interferes with the plants ability to photosynthesize correctly.