No serious flaws. That's about what I would do, although personally I switched between VTSAX and VFIAX. Really not a whole lot of difference between VFIAX and VLCAX as far as I can see.
Note a few things:
1. There's a minimum to buy VLCAX. Probably not an issue for you.
2. Since all of these are mutual funds, you'll only get end-of-day pricing. TLH with end-of-day pricing in volatile times can be dicier than ETFs. I just wait until close to the end of the trading day in situations where it matters. But then I don't actually trade at all, so it's not that big of a deal for me.