Cut the grass as it needs it.
My 40-yr experience is with Bermuda & St. Augustine, and, depending on rain/fertilizer/temperatures/irrigation I expect to cut twice weekly when all is good. Sometimes every three days. Different direction each time, etc. And, it's over 15,000 sq/ft. Compared to when I bought the house three years ago it's night and day.
Several spare blades, all sharpened/balanced. Gas with FP60 (max 6-weeks age), oil with LC20.
Last year I had a friend who runs a small engine service company re-engine an '89 Snapper for me and I love it. "Mulch" from April 1 to November 1, and bag otherwise (yes, every week down here, minimum).
The men and boys difference is proper use of knowledge (books, good forums such as
www.lawnsite.com) and willingness to change. Your lawn grass is different, so do some homework, set some standards, and study your lawn.
Experiment with blades. GATOR blades were good on the one cheap mower I had (that lasted ten years).
Also, I believe HONDA (among others) got slapped recently about HP ratings. And, there is a difference between the ones you buy at a dealer and those from box stores (need to check this).
$500 isn't expensive. I have more into that in mine (with several blade types, bags, inserts, wheel changes, etc). But, seeing as how this is my third mower since 1976 . . . it's cheap.
A soil test will help you zero in proper supplements and timing.
www.gardenweb.com for your area is a start (as is ag extension office).