My philosophy with them is to look for companies that I think are undervalued, preferably ones that have a long history of paying dividends. The dividends go into reinvestment (i.e: more shares) and give me a better rate of return than I'd get with most cash investments.
There are several points to touch on in your post, but I'll just bring this one to light. If you are re-investing the dividends then clearly you are of the opinion that the company in question is more capable of (would do a better job) than you of earning an interest on your money (which you later on are planing on taking advantage of).
This means that it would be more efficient for them to simply keep the money to start with. Why put the money through a carousel of dividends-to-reinvestment if they could just sit tight? Why pay taxes on dividends (which I assume you do) when it's not needed?
Again, I'm not saying that your investments are bad. A lot of people like dividends. It should be noted though that a company that doesn't pay dividends doesn't just 'hang on' to the money. They think that they can make them grow at a rate equal to, or higher than, the demands made by the investors. (Or rather, the weighted demands of the equity investors and the 'lenders'.)
A better sollution for you would be to look for companies that are undervalued (though who looks for anything else?) that have a policy of stock re-purchases. This would have the same positive effects that you are looking for without the negative tax effects.