That will work but it is needlessly complicated. Since salicylic acid is not soluble enough in water at room temperature to achieve your desired composition, it must be converted to salicylate. This can be done by reaction of sodium bicarbonate (baking soda) with salicylic acid in water - the salicylic acid will dissolve as it reacts. Add sodium bicarbonate slowly to a stirred suspension of salicylic acid so that the bubbling of carbon dioxide is not too vigorous. Sodium salicylate is very soluble in water so you can use a sufficiently small amount of water to not complicate the preparation of your final mixture.
Greg, the real question is what the final pH of your solution will be. If combining all the other ingredients results in a pH around 7, then the salicylic acid will dissolve as it is converted to the salicylate salt. If the pH is 4 or lower, the salicylic acid will not dissolve completely (its pKa is 2.97 according to Wikipedia— that’s the pH where half of the salicylic acid is ionized to salicylate). Water has little or no effect on the final pH, it depends on the other ingredients and their acidic or basic components. If you need to raise the pH, KOH sounds like a good choice since potassium is good for plants.
Thank you Allen. The studies used to show the effects of salicylic acid on turfgrass used pure salicylic acid dissolved in water. In your opinion, do you believe that salicylate would have the same effect?