mulching with compost and wood chips
I don't think you want to mulch with compost. Just the wood chips. Leave them on top of the soil, not worked into it. So next year, just scrape them off if you need to work anything else into the soil.
Everyone approaches fertilizer differently, plus everyone has different soil, so I doubt there is one right answer to your question. In general, compost and organic matter will make the plant uptake nutrients more efficiently. Some people get great results with just compost and don't have to add fertilizer at all. I would like to be that way, but I always cheat by injecting small amounts of soluble cal nitrate and 4-18-38 into the drip irrigation.
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