Definitely do some book reading, like A Random Walk Down Wall Street, if you haven't already. You want to get some data that backs up what you'll do, so you can resist pressure to change when things are bad. People never call it "sell low, buy high" but rather they felt like they couldn't hold on any longer (the low). Data will provide additional confidence, especially data that goes back decades.
Is all $1.4M in taxable? I'll assume so until you clarify. With taxable investing, stock yields are ~2% and bond interest ~2%. So you're looking at $28k/year in dividends and income. It might be better to either put the bond funds in tax deferred, or use tax-exempt bond funds. That way the few thousand in bond interest won't be at ordinary income tax rates.
Buying VTI (Vanguard Total Stock Market ETF) is tax efficient. It doesn't need to buy or sell since it's market weighted. It just provides stock dividends, which are taxed at qualified dividend rates. When you wait years and sell, the gains are also taxed at better rates (long-term capital gains tax).
Have you considered adding international to your portfolio? Maybe 20% international to start, and more if you're comfortable? Some international diversification is the main thing missing from a pure US portfolio.
It will help to know how much of your portfolio is in tax deferred (Roth IRA, 401(k) plan, etc) versus taxable.
