Yes you do need 145 Lbs. of lime per 1000 sq. ft. Split that application into two 72 Lb. apps. a year apart. If you put down more than that at once you will cause problem's. Dolomitic lime is what you see at lowe's or HD. Dolomite is the kind of rock it came from. $4.50 for a 40 lb. bag.
I don't know what SOP stand's for - Standard Operating Procedure ?
I don't think you'll get trace element's from compost, i use scott's STEP
Measurment's are for 1000 sq. ft. Shop around for best price.
You don't have to put anything down to get rye to grow, that stuff grow's on concrete, it just need's water. It will improve your soil and won't deplete anything. Use a quality seed.
If your going to seed bermuda, DO NOT use common. Seed Princess 77 http://www.bermudagrass.com/info/princess.html
at 2 1/2 Lbs. per 1000 sq. ft. in late march. Shop around for best price. Bermuda germinate's slowly, don't let that worry you. Keep the seedling's moist for 4-6 week's (a must) Try not to drag hose's to do this, after a week your yard will be a quagmire from trying to grow seed.
Don't worry about the P in the soil, it's excessive everywhere.
Invest in a good rotary spreader, http://www.rittenhouse.ca/asp/Product.asp?PG=1328
, it will be the best $350, (you can get this spreader on sale from john deere landscape's in the spring) you ever spent and you will use this the rest of your life.