That's a big step and it takes courage. Good for you. I like most of your plan, except for one point: Why the 4-month delay? Study and a pet project!!! Doesn't seem like a high priority thing for someone who's betting his career on a startup. It sounds like an excuse to delay starting the hard work of a startup. Plus, I'm guessing that you'll be living off of your savings. If that's the case, then you have a limited time to do the try/fail cycle a few times before you have to get back to a full-time job. I think you should start right away, and you can do your study on the side.
I intend to work very hard at study and the pet project. I'm not sure if I'm procrastinating, but I'm certain it's not to avoid hard work. It's doing something half heartedly that kills me. These particular learning topics, and this particular project, are things I've been feeling strongly for doing for a long time, and I want to get them behind me so I can be full hearted at whatever I do next.
As for the time, as I said in other reply I feel I'm more limited by age than cash.
Best of luck.