A lot of good advice already. I would add one thing. You should be aware that your wants may change as you get used to the set. I started with a pretty similar strategy as you and hit a wall about 175 cards in. I had won an auction for a nice VG Jeff Sweeney with Piedmont back at a really good price, but when it came in the mail I wasn't at all excited about it and didn't open it for like 3 weeks. I realized that I wasn't really into my original goals anymore, so I sold a bunch of the lower grade cards and re-focused.
Nowadays I am a back collector and I don't really plan to ever finish the set. As long as I enjoy each and every card I pick up, I am happy.
Not saying this or something similar will happen to you, but it might. You might start out collecting cards in poor-good but then win a few PSA 4s at good prices and realize you like them much better than your PSA 1s. Things like that can happen and your wants can change.
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