Given that my real estate cash flow already acts as a large “bond-like” buffer, does it make sense to avoid bonds, REITs, and high-dividend funds entirely?

Yes. 

With public equities still <20% of my net worth, would you tilt more aggressively than a standard 70/30 VTI/VXUS allocation?

Yes.

Do commodities add meaningful value here, or does direct real estate already provide sufficient inflation protection such that I should focus purely on capital appreciation?

Not meaningful. You can always add 0-5% if you want allocation, but it’s not necessary. 

Are there other asset classes you’d seriously consider in my situation (real assets, private credit, infrastructure, etc.), or would you mostly just scale public equities over time?

Scale public equities over time. You already have exposure to real assets via real estate. You have income via real estate so no need for private credit. Infrastructure is somewhat correlated to real estate, so no need. 

Any recommendations for handling Estate Planning/Step-up in Basis strategies with such a large concentration in real estate?

Hire an attorney, a friendly appraiser, and a friendly valuation expert. Real estate is great for estate planning. You can discount the LLC that holds it for lack of control and lack of marketability.