Hi Marc. Yes, that does sound like a reasonable plan. Please remember that as you remove smaller largemouth bass, there will be less predation on the small bluegills, and the bluegill average size will eventually decrease. If you want to manage for bigger bass, then this is generally considered an acceptable trade-off.
The Indiana DNR pond management booklet is available online.
http://www.in.gov/dnr/fishwild/publications/fsmgt/fishmgt.pdf However, it does not really address the harvest of small bass. I wonder if you could use the guidelines from Missouri on harvest of small bass in northern parts of the state (with more fertile soils). Try the following link (aquaguide on "stockpiled" bass).
http://www.conservation.state.mo.us/documents/fish/aquaguides/2_360.pdf
