Well, it's not "all wrong", but adding acid to get down to 7.0-7.2 will cause the pH to strongly rise from that point. The rise in pH will slow down as the pH gets higher so setting a target of 7.4 or 7.5 would be better. At the lower TA, you won't see the rise in pH being as rapid and won't have to add as much acid. If you decide to stick with the low TA, you might want to bump up your calcium hardness (CH) a bit closer to 400 ppm though that is not essential (your water is a little more corrosive with the lower TA and having a higher CH compensates for that).
I suggest you take a look at this thread and consider adding 50 ppm Borates (Borax) to your pool. This should allow you to lower your SWG output (since the Borates will kill algae so less chlorine gets consumed) which will lower the tendency of the pH to rise. The SWG generates not only chlorine, but also hydrogen gas and these bubbles pull out the carbon dioxide from your water and that causes the pH to rise. This is why you see less of a problem at lower TA, because there is less carbon dioxide in the water at lower TA (think of the pool as a carbonated beverage!).
What is the recommended level of CYA that your SWG manufacturer says you should have? Is it 70-80 ppm? We have a current controversy as to whether a high CYA of 80 ppm makes the salt cell more efficient. The problem is that it is easy to add CYA and not easy to get rid of it. So using the Borates is probably a better bet.
Richard
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