I'm not quite sure what your question is.
If you are asking, "Is it important to know your FC level, rather than your TC level (total chlorine)?", the answers is, "Not really, unless you are having problems.". As you note, on outdoor pools that are working well, FC pretty much equals TC.
If you are asking, "Is it important to stabilize, since actual FC (un-stabilized hypochlorous acid) levels will be very low if you don't stabilize, and also if you do?", the answer is "yes, very important". There are two reasons.
However the answer to this question is pretty likely very complex very quickly, and push this thread into the China Shop. So, hold onto your hat!
Let me set up some abbreviations, first:
Hypochlorous acid => HOCl
Unstabilized free chlorine (HOCl + -OCl) => UFC
Stabilized free chlorine (all the Cl + CYA species that are in high rate equilibrium with the HOCl level) => SFC
Free chlorine (UFC + SFC) =>
DPD Free chlorine => DFC
OK.
As you seem to suspect, once you add stabilizer, your FC level goes from being mostly UFC to being mostly SFC, and your actual HOCl level is usually very low. Chem_Geek has a pretty heavy duty spread sheet that can allow you to analytically estimate your actual HOCl level, given your pH, your CYA level, your pool's temp, and your DFC level.
So, the question arises, why not just run an UNstabilized pool with 0.5 ppm FC and 0.3 ppm HOCl (@ pH around 7.2), where FC ~= UFC, instead of running a stabilized pool with DFC = 10ppm, but HOCl = 0.3 ppm?
There are TWO major reasons why you should not do this.
FIRST, if you run a pool -- in full sunlight -- with UFC = 1.0 ppm and CYA = 0 ppm, you won't usually be able to maintain a sanitary or algae-free pool.
Here's why:
Normally, when you test, you are sampling from the deck. But, if you sample from the MIDDLE of the pool with very low stabilizer, you will find that the UFC is significantly lower, even 0.
When I first started servicing commercial swimming pools years ago, most of them were trying to operate low chlorine, low stabilizer pools (FC < 2ppm, CYA < 20 ppm). It took me a few years to figure it out, but I noticed that L-shaped large pools operated this way often had large permanent black algae populations in the angle of the 'L', where the pool was relatively deep and far from circulation. When I sampled the chlorine in this zone, I found that FC levels that might be 2.0 at the pool edge, would be 0.5 or less in the middle.
In New York State, where years ago some bromine promoters got the code writers to require use of bromine (which CANNOT be stabilized) on outdoor commercial pools . . . they had a major problem with surface algae, on pools that have gutter return systems. But, on pools with old style (and EXCELLENT) in floor return systems, there's no such problem.
What was happening? By the time the chlorinated water had migrated from the return areas to mid pool . . . the chlorine was mostly or completely gone. In small pools, with pumps running 24/7 and reasonably located returns and main drains, it's possible to run an unstabilized pool without problems. In large pools, with multiple dispersed in-floor returns, and well-balanced circulations systems (both rare!), it's also possible.
BOTTOM LINE? Without stabilizer, you cannot reliably maintain a good chlorine residual THROUGHOUT the pool, except on pools with exceptionally good circulation systems which operate 24/7.
SECOND, if you attempt to run a low UFC + low CYA pool, you will not have sufficient chlorine present in pool water zones to maintain sanitation or control algae.
For example, most the chlorine resistant algae avoids being 'bleached' by creating a 'biofilm' with an outer poly-saccharide (slime) coating, that functions as a sacrificial 'shield', using up the chlorine before it can penetrate to the actual living parts of the algal biofilm.
So, when one of these shields is attached by chlorine in a pool with 0.5 ppm FC, it is sacrifices itself and consumes the chlorine in the 'zone' around the algae. For the attack to continue, FC from other areas of the pool has to physically be moved from where it is, to where the algae is.
BUT, when one of these shields is attacked by a high chlorine high CYA pool, even though there may be only 0.3 ppm HOCl present where the algae is, as the algae 'shield' is sacrificed to consume that chlorine, new HOCl forms almost instantaneously from the OTHER 9.7 ppm SFC present in the area. The NEW HOCl level may only be 0.29 ppm, since you've lost that 0.3 HOCl, but it's still close. And when that is consumed by the shield, a second NEW HOCl level will form, maybe 0.28 ppm.
And so on, till almost all the 9.7 SFC present has been converted to HOCl.
So, the net result is, the high Cl high CYA pool has almost 20x as much chlorine INSTANTLY availabgle to go to work on a problem, compared to the low Cl low CYA pool.
BOTTOM LINE? Pools with high Cl and high CYA will, in generally, have far fewer problems, and much better sanitation. This can be overcome, to some degree, by excellent circulation systems operated continuously.
------- I'll await corrections---------------
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