TDF
Templeton Dragon Fund
stock NYSE Closed Ended Fund

TDF is the set it and forget it move, especially for 401k. I do the same thing in my work plan, just pick the year and let them handle all the rebalancing stuff.

If you want to mess with the three fund later you can always switch, but for rolling over 5k it's probably not worth the extra work right now.

I agree with you here. This is following the same methodology as a TDF, which is based on when you want to retire, not how old you are.
FWIW, I'm similar age and years from retirement, and I increased my bond allocation earlier this year. Obviously the recent bond market has not been kind to that decision, but that's fine as long you don't panic.
You could also make the change more gradually, but the risk is that if stocks crash, you'll probably want to delay any reallocation until the stocks recover.

This isn’t quite right. Individual bonds may yield 5%, but bond funds (to include the bond sleeves in a TDF) have price risk. Many bond index funds have been getting hammered and are at net losses for the year.

Don't sell to rebalance in a taxable account unless you really enjoy paying taxes, as you've said.
Just increase subsequent contributions to whichever part of your allocation you need to reach your desired proportion. Your allocation likely won't be perfect 100% of the time.
I'd wager most people who are this attuned to their investments are checking in on their accounts more than yearly. Quarterly seems to be a good frequency for me. Unless you're in a TDF it's never going to be completely hands off.
Are you maximizing your tax-deferred contributions?