Is an Income-First, Growth-Later Strategy Effective in Today’s Expensive Market?

Is it a good long-term strategy in today’s high-valuation market to invest a large portion of capital into income-generating ETFs and stocks (e.g., SCHD, VIG, JEPI, O, SCHY), then use the ongoing income/dividends to dollar-cost average into growth and broad-market ETFs like VUG, VTI, or VXUS? The idea is to reduce timing risk by deploying capital into income assets upfront while gradually building exposure to higher-valuation growth assets through DCA funded by cash flow. Curious to hear thoughts on risks, opportunity cost, tax efficiency, and whether this approach actually improves long-term outcomes versus lump-sum or traditional DCA.