Your distinction between "meaning" and "application" seems more to be a distinction between "translation" and "meaning" - two scholars agree about the translation of a text, but disagree on what it means. They may agree that a certain English word best corresponds with a certain Hebrew word, but they may still disagree on the nuances of the term in its context - this seems more to be a question of interpretation.
The most common understanding of hermeneutics, whether or not one realizes it, is that it is composed of interpretation and application - as you say. This applies to all forms of communication, not just interpreting the Bible. Communication involves a "sender" and a "receiver". The sender speaks, while the receiver listens. Accordingly, interpretation is sender-focused, while application is receiver-focused.
If you say to me, "the sidewalk is icy", I must first understand what you mean. That is, what are you trying to communicate. I must get inside your head and try to understand the thought behind the words you chose to communicate the thought. Only after I understand what you are trying to communicate, can I apply it to myself. Only after understanding the idea that there is ice on the sidewalk, which implies that it is slippery and cold, can I apply it to my life: e.g. I can put on a thick jacket and walk carefully in order not to slip.
Oftentimes people are tempted to skip the interpretation and jump straight to the application. This is especially tempting when it comes to the Bible, because then we need to exercise time and energy to understand a different language, culture, and time, and get into the head of someone with a different understanding of the world. For instance, many read Lev 26:4, "I will give you rain in its season, the land shall yield its produce, and the trees of the field shall yield their fruit." as a promise that God will bless their agricultural endeavors. However, the correct interpretation (if you read the context), is that God will bless Israel, and only if they obey God. An application of this verse is that since God's character is to reward obedience, our obedience will also be rewarded. Thus a right interpretation ensures a right application.
Take another example: this text. As you read through it, replace the word "the" with "poop". Depending on how childish you are, you might get a good laugh out of it. The entertainment value of such a reading of this text is an application of it without an interpretation of it - you would not be understanding what I meant with this text, and would therefore not be able to apply it to your hermeneutical approach.