Possessing the Formula for Empyrean Redolence

I have recently come into possession of the Formula for Empyrean Redolence. I also have a Somnolent Hyena. Would I miss out on anything by diving headlong into the wonders of Theoretical Husbandry, or should I wait until I come into possession of more regal stock for breeding? Any advice on these endeavours?

You won’t miss much story-wise, the non-Theological Husbandry beasts are really just for breeding, not for story.

It doesn’t really matter? You can get all the animals again once you use them. There’s some interesting things to learn through the regular storyline, but you’re fine skipping straight along the path to the really neat animals.

I guess what I mean is, will I still be able to do Theological Husbandry on a better class of beast if I start out with the hyena?

Yes. You can use it on as many animals as you like. You can only get 1 Ocelot, for example, but even if you get rid of that Ocelot, you can always make a new one.
What you have is the formula on how to make the things, not a single dose of serum.

How does one acquire the formula? (I like the look of that ocelot.)

You’ll need to progress to the Fourth Coil of the Labyrinth of Tigers and wait for this card. Getting the Formula requires 20 Fate.

You can also pay the Fate in your Lodgings, under “Chat with the Local Gossip” by talking to the Clay Coalman. (You still need to progress in the Labyrinth, of course.)