I’d say it like this - target, reach - it doesn’t matter.
That’s not how you build a list.
You build a list from the ground up - the most important school is the one that she will get into, will love, and you can afford. Maybe for you it’s Mount Holyoke or maybe it’s Rochester (a likely) or an uber safety with an open curriculum like Kalamazoo. Or if you want to be out West, maybe it’s an Occidental, etc. Whatever it is, that’s what you need. That is THE MOST important school on your list in my mind.
After that - the list doesn’t matter- if you want to take your shots - take your shots. You can apply to only sub 10% schools - because you have that - the I’d love it here assured acceptance at a price you’re willing to pay - if those reaches don’t work.
Brown is a reach and doesn’t give an ED lift (their own words). It does give you an earlier decision. “Please do not assume that your admission chances are improved by applying under the Early Decision plan. The Board of Admission makes the same decisions under Early Decision that it would under the Regular Decision plan.”
Wellesley (two years ago) let in 259 of 887 ED so it appears a lift.
If those are truly her top two and you are comfortable with the cost and not being able to compare offers, then you ED.
It doesn’t matter if both are reaches or safeties or reaches, etc. And stat wise, your daughter is in a wonderful place.
ED should not be taken lightly - why would you ED to a school, hoping you didn’t get accepted because you want to see what would happen at Wellesley because it’s truly your #2?
btw - no one needs to ED and many don’t - so if you get shot down ED, it doesn’t mean you’ll be homeless - you just have to plan your list accordingly.
But a list needn’t be safety, match, reach.
It needs to be safety (2-3 at least) that are affordable and the student would love to be there…and then after that the list can be as you want.
The decision making selectivity doesn’t necessarily make a school better - and it seems like that’s what you’re getting at with your buckets. Plenty of easy to access schools have leading programs, in other words - so find some more Browns and Wellessleys of the world - that she can love - but that will be a more likely acceptance - just in case those two don’t work out - and they very well might - but they also might not. And don’t worry about buckets other than those safety schools.
Wonderful student - good luck.