Before you sling any seed or fertilizer you need to take soil samples of that acre. I'd send them to A&L Labs in Memphis, TN. Call them and they can walk you through what you need to do as far as taking samples and shipping them. A&L has an 800 #. Tell them you want S3M soil test run on the samples. This will give you a complete analysis of your soil....pH, base saturation, P, K and micro nutrient levels.
More than likely it'll be a waste of time applying seed and fertilizer without sampling first. Sort of like going to the Dr. when you're sick. Dr. doesn't walk in, look at you and write a prescription. He runs test to find out what he's working with first before writing you something.
After you get this done then we can talk fertilizer and seed. There are a few factors that need to be considered when choosing a seed. Will this be a shady area, partially shady or full sunlight? What's the foot traffic going to be on this acre? Do you have kids? Will they be playing on this acre? If so, how much?