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workflow on billing schedule not working

I am trying to create a simple workflow for when a new billing schedule is created. Upon creation, if the recurrence frequency=custom, I want the Public checkbox to be disabled and in the Name field, I want the word "Custom" to be defaulted.

I've tried a couple things thinking the trigger may the problem. Started with 'Before Record Load' but that doesn't seem appropriate because we need the user to select the recurrence frequency in order for the conditions to be invoked. Then tried 'After Field Edit' but that doesn't trigger it either.

Any tips or known issues with workflows on billing schedules? Happy to share some screenshots of what I've done if that would be helpful.

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