hyphenation - acceptable options when dropping and including hyphen in some phrases?

There are many commonly used phrases where hyphen is implicit and it's common to drop the hyphen.

p1: computer based approach

p2: computer-based approach

p1 is where the hyphen is implicit and is acceptable.

How ok is it to drop the hyphen in the first and last phrase of the following but include it in the middle?

Is the following acceptable, why/why not?

S: predatory patenting-versus-excessive process argument

In S, "predatory patenting" and "excessive process" are phrases common without hyphen.

Please don't just say it's ok or not and cite the style source