There's no need to rush, although I also think equities are overpriced. Even with the recent drop. But over your remaining investing lifetime you will probably have times when you are not comfortable with your high equity AA. Those would be good times to sell some, locking in any gains, and freeing up cash that can be invested in bonds/CDs. If it doesn't happen, that means you're happy with your AA, so drive on.
I had been 100% equities (not counting real estate) for most of my life, but a couple of years ago I was getting itchy about stock prices and sold enough to drop my AA down to about 50/50. Of course, then I had to watch as the market rose by another 40% while my cash was sitting there at basically nothing, so I was kicking myself. But now that I've had a chance to buy some CDs at decent rates, I'm feeling more satisfied with my decision.
The secret to doing this sort of selling/reinvestment is to determine the AA you want, and only sell enough to get there. Don't panic sell. Just sell when prices are high or when you are ready to adjust your AA. This isn't a sprint, it's a marathon. Good luck.