Not a bad approach. Assuming your financial planning reveals an actual need for income right now, conventional wisdom holds that actively managed bond funds are superior to bond index funds. The reasoning is that bond prices are more opaquely derived, as much trading is done on the telephone, rather than an open exchange. Also managers can chose and adjust their own weighting, unlike index funds which are based on size of issues thus larding up the portfolio with more credit needy (and thus less credit worthy) issuers.
If you really and truly need income, diversification also suggests looking at high dividened equites, REITS, MLPs, etc.