As I mentioned in my original reply, the tax issue would only arise if any of the holdings were eventually in your taxable account (due, for example, to re-balancing in the future). Personally, I think that dividend-focused investing isn’t worth the extra time management and expense, but that is just my opinion, of course. If I’m going to incur the higher cost, I’d expect it to be in a sector that isn’t so closely correlated to the overall market and should provide better returns over time (ex. small caps, emerging markets, etc.). Again, just my opinion!
The historical charts I’ve seen show very little long-term impact due to a small bond allocation. I’ve always advocated it because: (1) it will slightly buffer the portfolio in a down market (without being too much of a drag in a good market), and - more importantly, in my opinion - (2) provides a cache of funds to re-balance into the equity market when (not if!) the market corrects.
Just my two cents since you asked for thoughts on your portfolio plans…