Kent Tech iodine has other stuff in there to maintain a suitable iodine level in the system over a period of time for "better" coral health. I don't think it was meant to be used as a dip.
Lugol's solution is 5% Iodine in 10% potassium iodide solution. The iodine is the disinfectant part that kills bacteria and pests. It's similar to chlorine in how it oxidizes stuff.
If you don't have Lugol's, you can use Tincture of Iodine, which is typically 2-3% iodine in alcohol... and sometimes some iodide as well. When using tincture, you use 2x as much. For dip purposes, the alcohol should not be a problem.
You can use iodine/saltwater dip as a general purpose coral dip. Reeffarmers recommends, "20 minutes in 1 liter of 100 % captive reef water that has 10 drops of 5 % lugols solution (or 20 drops of the tincture of iodine found at local drug stores which is typically a 2.2 % solution)."
http://www.reeffarmers.com/acclimation.htm
If you are treating for zoanthid eating nudibranchs, you use iodine/freshwater dip. I use about 10 drops tincture per gallon of pH and temp adjusted DI freshwater for 5 minutes. The freshwater kills the nudibranchs, and the iodine helps kills off the bacteria that might affect your zoas after the stress of the freshwater exposure. I've even used iodine/tapwater for zoa nudi dip.
Some people use iodine/freshwater dip for montipora eating nudibranchs. Montipora is less able to take the fw compared to zoas. Recommended dip time is no more than 30-45 seconds. At that, the montipora will be severely stressed, and will slime and slough. Much longer than 45 seconds, and you have a good chance of killing your coral. I've heard of people who killed their monti caps from 1 minute freshwater dips. I don't like iodine/fw much for monti nudis. If you dip short enough to keep your coral alive, the nudis seem barely affected.
If I get new zoas, I do iodine/sw... especially if it looks like there's deterioration or decay. If it's a large wild colony, I lean towards fragging it to make it easier to spot pests, and to limit losses should there be any decay that spreads.
I only do iodine/fw for zoa nudis, and luckily I've not had to dip my own zoas.
Careful of doing fw and no iodine on zoas. I think the fw further stresses the zoa, and the lack of iodine can allow bacteria to multiply and kill your coral.
(Not iodine, but if you have fungus-ey zoas, one recommended treatment is peroxide/freshwater.)
Anyway, that's what I've been doing. I'm sure other people have their own routines.