I'm pretty sure this is just that electrolysis is completely broken in 0.5 but I must report that I still have not managed to get iron electrolysis to function in this new version.

It got broken completely in 0.5 (see #166). Maybe third time will be the charm with fixing this. If you'd like the Beta Tester Badge in return for the distress I'm sure this is causing you, DM me on Discord (petrolpark).