Indeed all your steps are very good to choosing a better bounty project. For me i check out for the team behind the project, the use case ,the social media handles of the project, i check the white paper, when i am satisfied that the project is worth it, i go in for the bounty but before that i check for the duration and bounty allocation. if i am satisfied, i go all in.
This is also the right approach. if there is a strong confidence in the project, then you need to be included in the project at 100 percent and work
Yes, the allocation is not important because even a potential company will increase its price along with the developments they do in the market. I have seen many companies like this by allocating very small amount fund to the bounty, before joining we have to find out all the resources concerned to the company.