Yep, I cover completely with an extra inch or so of water to allow for soaking and then drain around twenty minutes later, if you can keep the drained water for another mix of something else it's potent stuff.
I've poured some around garden plants in the past and boy do they like it! 
Off topic, but the water from boiled or steamed veg is similarly good for your plants. Cooled, of course.
I've noticed that quite a few method feeder anglers use micros, but I can't get along with them in their normal state, finding that they have the sticking power of Teflon, and either add a small handful of a Horlicks equivalent or a little powdered Vitalin. Both work, but the Vitalin makes for a longer-lasting, heavier mix which resists the efforts of small fish to whittle it down.
In the past I've used pure Vitalin augmented with a big handful of small particles and the juice that they were in - it's amazing how many particles it can carry without losing its sticking power. With such a dense mix, which will often still be sticking to the feeder after playing a fish, I tend to leave the bait hanging just outside the method ball. I've been thinking of going back to using this, on the small tri-lobed method feeders, since it offers a very different presentation from the flat method feeders that most others are using.
TBH, if I'm using pellets I tend to go for the 3 or 4mm size, finding that they don't need as much attention to keep them wetted to the right consistency during a session. As Steve mentions, a tin of tuna in brine improves their pulling power no end.
