I'm just being a baby though, we own a dang bale accumulator and a claw, sexy pieces of equipment, makes it easy. It's all fenced too and herefords are in my blood, cows aint ever interested me much though.
You already have a bale accumulator? Man, that takes all the fun out of loading hay.

Since the property is fenced I would throw a black bull in with the Herfords and get those top dollar black-baldy calves.
Calves, like trees, make you money while you sleep.
I know the topic is how to find a way to use some type of timber plan to create an income from the property. I suppose some additional income can be had. I doubt enough income could be generated to support much of a life style.
I know one guy who sells just enough trees each year to pay his property taxes.
Good luck in what ever direction you decide. It looks like a nice piece of property and a nice place to retire to one day.