"Dividend stocks as a whole appear to me to be overpriced. When the market corrects, I will consider adding an ETF for new money and maintaining the already in place positions."
First, you think the market is going to correct, yet you are placing money into an equity with a strong correlation to the S&P. Second, if you're criterion for investing are income and downside protection (consider a correction or bear market on the horizon) why would you buy in now? No correction, you earn X return. If its a correction, you lose 800 bps and a bear market you lose 1600 bps basis. So, you would be taking risk to earn 350 bps/year, under the aegis of protection from the systematic effect of a down-market. Ergo, you are buying into the largest dividend paying stock by cash outlay in the world (somewhere around 2-2.5% of all distributions made by publically companies globally), when you are saying dividend stocks are overpriced.
The payout ratio has also been increasing, and if they were to maintain their 10 year historical dividend growth rate, they will be very tight on free cash flow.