fly-by-night
Exactly my point. The -ly rule is, I believe, an attempt to point out that adverbs don't need hyphens after them if linked in a chain adv. adj. noun since there is no confusion that could result if, in the case of adj. adj. noun, you were unsure whether the two adjectives were a lumped together phrase or each individually modifying the noun. Just saying words ending in -ly is imprecise as I pointed out above.

And CapK, Do you mean to suggest that baseball is not universally written as one word?