I know, I know, I've been pushing you to add in more research and time to write, so why am I saying "Don't wear yourself out?" Seems contradictory, doesn't it? I limit my number of applications each year to only one or two major programs, and perhaps a few small applications (e.g. for conference scholarships) sprinkled in. Much more than that and I feel like I'm depleting my resources.
We know a few dance and yoga teachers who go full speed ahead, teaching five, six, seven, eight classes a week. But inevitably, they all hit a wall. And they don't come down softly. It's like juggling too many balls until they all crash at the same time. You don't have time for crash, let alone have a backup plan for the downfall. It just happens where things all unravel at the same time.
Spare yourself, it's not a pretty picture. Applying for a fellowship, scholarship, or grant takes a large toll on you mentally, physically, and emotionally. It's better to save up your creative juices and focus on the few big things that you want instead of tossing your valuable energy to the four directions. Once you have those refined applications, you can always come back to them and alter them for another project later.
Save up your motivation and your passion for what you truly want to be doing. It will shine through the writing and the project, which will make you a better applicant. Plus, working on the application will be more fun that way!