I've been looking into this too and from what I've read, 2,4-D is pretty popular, but Grazon seems to be the best. Problem with Grazon is you need a license to buy it. You might be able to get small quantities, but from what I'm told, I need to take a class first, get licensed, and then I can buy it.
There have been some good discussions about it over at
www.tractorbynet.com with some guys who grow hay sharing what they know. Just do a search there for "Grazon" and you'll find it. I also started a thread over there about some grass I couldn't identify that mentions spraying. Do a search under "Johnson Grass" to find that thread.
You need a sprayer to apply it, as what time of the year you apply it.
I've put my name on the list for the Ag Extension class that is held here in the spring. It's $500 and lasts three days. It's supposed to cover everything you need to know about pasture management for beginners. I'm also looking for a decent, used sprayer that I can tow behind my tractor, or a large tank that I can use to build my own spraying rig. It's kind of late in the year for spraying, so I'm not in any rush, but I really want to have it by next spring.
Good luck,
Eddie