The key here is investing the total amount of what one is ready to risk from the start rather than going gradually over time.
An alternative way to this savings plan is just to buy a required number of bitcoins and put it into a paper wallet. But this is not so good because the value involved is so high that you better start preparing your new life already. It can be achieved with periodical dividends from the bitcoin stash, which gradually get bigger and enable you to upgrade your standard of living, etc.
First, good thread. I was wondering what you actually mean by it not being wise to put your coins in a paper wallet and just forget about them? I'm assuming you mean that one day you will wake up being very rich and that will be somewhat of a shock and may not end well. Like someone winning the lotery? Is this what you mean or am I misunderstanding you? I'd like to add that for many people just forgettng about your coins now will be a much better strategy since the biggest challenge (if bitcoins do go to 1M) is not selling a majority of the coins way to early. For example I've already heard of people seelling entire holdings in this last run up in price.
Considering the above I guess one could say having a set strategy like you outline is incredibly valuable. You just have to be entirely confident that you will follow it.
rpietila, I'd also like to hear what you think your non bitcoin investments should consist of? What percentages would you allocate to gold, silver, stocks, bonds, cash etc?