I can't help with the TYPE of grass because you are not in my area; however, I will say that 3/4 of an acre is a LOT of grass. Especially considering the drought we are experiencing, is it possibly worth considering to create more (or larger) beds for trees, shrubs and perennials; in order to reduce your watering requirement? With regards to the weeds (depending on the type of grass you want), I believe putting out a weed product in the fall is probably appropriate, then crabgrass preventer in the spring (when the forsythia blooms in your area). Finally, I personally prefer having the grass clippings mulched back into my grass, but I have St. Augustine and that's what works for me. Another option might be to save the clippings for your compost pile (or to start one!) and use that good compost next year to help top-dress your yard (again, depending on what type of grass you decide on) or use it in new beds.

I would be inclined to bite the bullet and hire a lawn service for the first year to do the weed treatment at least through next spring. I think that they do a better job and have more experience regarding what works. Bermuda may be the best choice to not die in drought and it spreads. Bermuda doesn't do well in shade so consider MK's advice to make beds in those areas.
I do not collect clippings.
Good luck. You can't rush it in a drought so don't be disheartened if it takes time.