G'day Mate, for levelling/compacting my horse paddocks (and property, for that matter) I'm going to go the Ballast Roller option. Yes, I know that it's yet another implement but I reckon that it's one that will get a bit more use (especially during a wet season) than 'occasionally'.
If you're going to till, then a Ballast Roller (3PH or pull-behind version) has been highly recommended by other TBN Members to really set the root bed of the grass seed you've sown. If not, your horses will easily rip the whole plant up when you put them back on the paddock to graze.