I use dolomite for insect/parasite control - along with guinea fowl. No problems with pests, flys, wasps, snakes! If it moves the guineas get it!!
Lime I use on my pastures based on a soil analysis. Adjusts the pH of the soil to make grasses grow better. Certainly a soil analysis is cost effective, because to lime blindly is probably a waste of money.
I see the wild deer population on the pastures after we have added lime and they don't show any ill effects.