The Chicago Manual of Style FAQ: hyphens and dashes offers ideas...

what i got from it is:

• hyphenate between word elements that are neither suffices or prefices.
• but don't hyphenate when the strewntogether word appears in a dictionary.
• hyphenate when it reads better; i.e. between double vowels (this is often optional, such as preeminent vs. pre-eminent -- both are correct) or to prevent misreading [can't think of an example.... editor??].

we could formulate: if you're making a compound neologism and none of the parts are suffices or prefices, then use hyphens. But as soon as it enters a dictionary (e.g. schoolmaster) then strip out those needless hyphens.

fairly lame solution.

but what's better? do a joycean juxtaposition of whateverwords make you feel cozywarm? problem with that is it can give rise to slow reading -- hyphens help the parsability of word-recruits, don't you think?