Devin, I like how you are thinking. No real need for more than 3 wedges. 4 means you have a gap someplace else in the bag. ok if you don't need one of the long irons. 5 + wedges is just plain silly! Way to much going on there. Most players can play very well with just 3, provided that they are properly fitted to the player and the normal course conditions.
I am in favor of moving lofts and lies around depending on how conditions change, but even that can be a bit of an issue for the higher handicap player.
Right now ALL of my students are 3 wedge players. The right 3 for thier individual needs. And they range from a +2 to a 25 handicap.
Me, I carry a 48° 712 PW, a 53.08 SM4 and a 59.09 SM4. The 53 and 59 are bent from 52 and 58. This works for the gaps and distances I need to hit my wedges from. I do have a 62.07 SM4 that goes in sometimes when I play in the UK (bunkers are very deep!).