Fan of Vanguard here. I have TLH once and it was fun and I felt quite smart, but your situation needs to be in such narrow parameters to benefit. For instance, my tax rate on capital gains is 0%, so my TLH losses were only useful to me to the extent I could take capital losses against ordinary income. That was up to $3K, and my top tax bracket was 15%. So the max savings was $450. Not too shabby for a couple of quick transactions, but not like groundbreaking savings, either.
Admiral shares are just a type of Vanguard share with lower expense ratios that you can buy if you invest over a certain amount. I think it is $10K for most funds, but more for actively managed funds and sector specific funds.
I also advocate an Investment Policy Statement, except I don't really have one myself, yet. Gotta get on top of that. For now I invest according to my asset allocation, which is a little screwy because I don't really have an overall allocation, but more like allocations for different classes of investments- my taxable accounts are more conservative than my retirement accounts. And then I have a load of cash sitting around. So I like to think I'm pretty agressive, but if I were to look at my overall allocation, it would be more conservative than it seems to me. If that makes any sense. As for rebalancing, I check it sporadically, maybe a 2-3 times a year.