Password security without a password manager
blog.sucuri.net
blog.sucuri.net
If your recipe is known + url, then that's easily discoverable if you know one password. With hashing, it's (sufficiently) impossible to guess what the recipe was. This sounds like security through obscurity, but it really isn't... at least no more so than a password is. It's just that instead of a password or passphrase, you have a passrecipe. It's still a secret key that only you know.
The problem I see in this is that you have to generate your password all the time. That means it shows up in plain text on your screen all the time. May as well just write it down somewhere.
if your attacking an individual you look for things like this as clues to help you.
Now, I can choose one long, crazy pass (or pass phrase) and remember only that instead of dozens of passwords for different sites.