Subject: Re: I am noodling on a major change to my portfolio.
What's wrong with what you have?............. the structure sounds fine.

From Morgan Housel, "The Psychology of Money" (Thanks to the one who posted that book tip here):
Smart, informed, and reasonable people can disagree in finance, because people have vastly different goals and desires. There is no single right answer; just the answer that works for you........ Every investor should pick a strategy that has the highest odds of successfully meeting their goals

Wise words, resulting here in: Whether the structure is fine or not depends on the goals one has and can't be assessed without knowing those.