Dono, I'm not sure what is meant when saying the #20 pounds of Hydrated Lime equates to a ton of Ag Lime...?

If that means the average immediate release of Calcium into the water, I can see that single aspect of comparison. There is however, a very real danger of killing fish in a pond using Hydrated Lime, plus the "Long Term" effectiveness of Hydrated Lime for raising alkalinity, "hardness" and raising pH is about 2 weeks in a typical vegetated BOW, where Ag Lime has an effectiveness, often measured in years. Ag Lime also poses almost no danger in killing fish, adds far more critical minerals and trace elements to the water.