Check this out, the Georgia Turf management calendar. Lime is mentioned there.
I know the clays you are dealing with are highly acidic, but I wonder if you need to apply lime so regularly? Most experts recommend having a soil test to verify that the acidity of the soil is really high enough to warrant application. If you don't know the current pH of your soil, it's hard to know how much lime you need.
You may have covered your bases here, but if you haven't checked the pH, I'd recommend that you do. It may allow you to avoid the extra work. And if you were to really go through with a soil test it will tell you a lot about what nutrients you may need in addition.
On mulching v. bagging- go with mulching, but make sure your mower has the horsepower to do it well. I recommend cutting higher and more frequently. By cutting off less length, you are doing your grass a favor and making the mulcher work better.