My friend gave me an aerator his uncle made from a 1940's water heater with welded on thick 6-inch spikes, you can add water to it but not necessary ,it's heavy' weights about 700 lbs. I use to use it alot in spring, putting down pure 34-0-0 nitrogen fertilizer, then going 6-12-12 latter spring before a rain, and you could really see that grass come alive lush and green. I have over an acre.
Sounds like you have it all under control. Our yard is an acre but we cheat and have a service apply all the treatments (except compost). So we also get the thick, lush rush in the spring. Can be a lot of work keeping it mowed in the spring but it keeps a nice looking lawn. I’m guessing that you appreciate it too.
We have tall fescue here in the Midwest area and we normally cut it at 3 1/2”. We actually cut it at the same height for the application but did it right before proceeding. A lot depends on what type of grass you have and what height you normally cut it at to keep it healthy. I wouldn’t recommend cutting it more than 1/4” lower than you normally cut it so that you don’t harm the grass.