chandler- my kid was in the Tradition program. (also one of those special type awards) and was admitted to ILR in February during the rolling acceptance period (many years ago- as she just graduated in May)
she was not notified about her acceptance into the Tradition program until April after regular decision letters were sent out.
so if you are admitted ED (fingers crossed), you may not get official acceptance as a Menig Family scholar until later on in the process.
I can tell you that the Tradition awards were also based on financial need- so if no financial need is present, the Tradition gave a "book award" (or something like that) of $600. But kid had to have campus job as part of the Tradition program and she earned a few thousand in income. So it certainly helped out.