I agree with your approach.
Macro risks are too difficult to tame. I have tested various technical indicators for the same, but no simple strategy gives an edge in present day markets, so I have given up this quest for now and decided to bear it.
Now if a company has no management integrity or competence risks, and the business has sustainable competitive advantage with long growth runway, and if in addition it is available at reasonable valuations, it will be a perfect investment opportunity. It is my belief that unless it is a repeat of 2008, market will not give such an obvious opportunity, and we will have to compromise on atleast one parameters. Of those, I will choose valuation risk, because valuation risk reduces when the price falls, making averaging down a sound proposition. The same cannot be said of other kind of risks, infact they seem to gain more credibility as price falls, making it difficult to average. The best we can hope for is to reduce the valuation risk as much as possible, without adding any other kind of risk.