Depending on ambient temperatures, seedlings tolerate drying out poorly compared to adults. I try not to let any of my Cattleya seedlings dry out completely during warm weather. I have warm conditions in my sunroom all year, and Cattleya seedlings make new growth continuously for me. Many home growers have much cooler winter temperatures in their growing areas than I do. Bifoliate Cattleyas, like leopoldii, can be tricky if watered too much in cooler winter conditions. Nevertheless, I would not let a leopoldii seedling stay dry for more than just a few days in winter.
During warm, humid periods of the year, like your summer, they will grow amazingly fast and use a lot of water. My Cattleya seedlings that arrive in sphagnum moss use even more water than Oncidium mericlones of the same plant size that arrive in sphagnum moss.
As to fertilizer - on the Sunset Valley Orchids Web page Fred Clarke says he uses MSU type fertilizer at a half teaspoon per gallon of water, at almost every watering. His greenhouses are warm and humid, and this would not apply to somebody growing in a cooler environment, or with less humidity. Here is the quote:
Watering and Fertilizing are related, as water carries fertilizer into the root zone. Important for good Cattleya growth is to have their roots dry down between watering. I fertilize with every watering using a weak fertilizer solution of 100 PPM nitrogen; this equates to ˝ tsp [COMMENT: MSU formula, about 2.5ml of powder] in a gallon [COMMENT: 3.78 liters] of water. In the summer when days are long and warm, the plants are in active growth, and photosynthesis is at a high rate I water more, usually 2 times a week. However during the hottest period I may water 3 times a week. During the cooler months watering once a week is generally satisfactory. Before watering I always check that the potting media has dried out sufficiently. Once a month I leach the pots where I water without fertilizer twice, one hour apart. This reduces any salt build ups.