Not an FP, but would repeat the usual caveat that intelligent 'advice' depends on individual circumstances. Like investor's age, goals, other assets (inc pensions or annuities), expenses, etc, etc, etc.
As you prob know, Vanguard Admiral shares have lower expense ratios and higher minimum investments. Looks like you would qualify-
If you love the Balanced Index fund, why not put both VWELX and VWINX into VBIAX?
Otherwise your proposed changes seem to be moving equity exposure from managed lg cap value to lg cap blended index, slightly decreasing your equity allocation (by ~2%), and shortening the effective duration of your bond allocation. Dividend/interest income looks like it would be less, but with the potential to rise if interest rates pick up over next 6-12+ mo. No one knows what the future holds, but basically your proposed portfolio changes seem fairly modest to me. How that fits into your personal situation, only you can decide.