I never fall into the trap of chasing income/dividends only...total return is what’s relevantIt sounds like you want to become financial independence (annual non wage income > annual expenditure)
But imagine for a moment if all your capital was invested in companies that don't pay dividends. Then you never make your goal. As you have no income.
Or vice versa, if you chase dividend paying investments you get there sooner.
I think you should model a percentage withdrawal from your capital. Which may or may not be greater than the income it produced in any year. And May or may not be greater than the capital appreciation.
Relying on income, is more than likely more prudent, bbutgiven all other things you mentioned it almost sounds like you are being too conservative.
That's not necessarily bad, but if your aim is early retirement id guess you are leaving 5-10 years on the table