Chris makes a good point about advances. I should have made it clear that I was talking about the SailRail standby tickets.
I find the wording printed on the standby ticket a bit confusing. The route is given as HOLYHD STENA_S ON DATE SHOWN. I find that confusing because the date on the ticket and the date on the ferry reservation are different. It also misses the important fact that the ferry leg is a reserved leg and you must travel on that particular ferry. Instead it gives the impression that any Stena ferry on that date can be used.
If you can get a ferry reservation for the 0855 sailing with a journey starting the previous day. The overnight stop in a hotel does seem to be allowed.
Thanks to everyone who has contributed to this thread and helped me find my way through some opaque ticket rules