I think that's how I'm going to approach LIV. I'll do the headwords and glosses first, and then go back and do the grammatical forms, examples, and then finally footnotes.
I have started going through Mallory and Adams again and making a few corrections to what I have, adding page numbers, and a few notes that I was missing. Also trying to go for a consistent way of representing cognate forms, so that they can be easily processed using regular expressions.