Mike, I generally charge 50-75% of my cleaning rate, depending on my mood
If I'm applying it to the entire area cleaned, 75% is the rate, if only to traffic areas, then 50%, based however on the total area, not just traffic areas.
I'm sure by diluting the mixture as suggested there will be still some benefit, but I'd rather stick to the mfr's mixing ratios.
I wouldn't leave ready-to-use protector in the sprayer for an extended period - perhaps a week or so at most.
Jim