Ahem. As a conservation adviser, I would advise cutting for hay. The reason is that it's the best way of seeing what your land is like whilst keeping your options open for a future change of plan. Cut after mid-July to see the best range of wildflowers. See if you get different sorts in different parts of the field which will give you a clue as to different soil types and conditions. If you get a lot of thistles, ragwort or docks cut earlier before they flower and set seed, they are covered by the Weeds Act and you are required to stop their spread onto neighbouring farmland.
Planting native woodland is an option I don't think has been suggested. It's a long term investment, but you could end up with valuable products if you go for things like hazel, sweet chestnut (OK not exactly native), ash, oak, holly. I think I would look seriously at that unless the hay meadow experiment turns up really nice species rich grassland. I can see myself pottering around making hurdles in ten years time. You could get the local community involved too.
Leaving it "fallow" for wildlife is not something we actually ask for in large quantities, more in strips and small patches targetted along rivers. Things which take advantage of that sort of habitat are fairly common and adpatable, whereas your species rich hay meadows and native woodlands support more specialised rarities.
Also look at the surrounding areas to see what is possible and what linkages you could make for wildlife.