re: What is the drawback to buying nothing but dividend stock?

To be clear - I do not pick stocks. I invest in mutual funds and ETFs that suit my objectives for both allocation and the taxable nature of the account in which they are held.

So, sorry OP, I do not have any recommendations for you.

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whereas dividend is ordinary income

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This is not necessarily true biscuitsngravy.

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While qualified dividends and LTCG are taxed the same, with the LTCG from selling shares I can enjoy the basis and LTCG with no taxes.
For example, if I sell $150k of shares that doubled over time, $75k is basis. I only pay tax on the gain (at zero %) but net the full $150. Add the pension and I can be living very well with no tax on investments. If I had $75k in dividend income instead, I would have to sell shares to access the other $75k and get hit with tax on any gains above the zero LTCG threshold.

I havent started the drawdown yet since I had income until retiring very recently and wont have any room in the zero LTCG bracket this year. Next year, I'll see.how it works out in real world. Please, if there's a flaw in my logic point it out.

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Ehh, this mostly is determined by each individual's or married couples tax status. Tax rates of LTCG or QDI are the same, although you are correct for cost basis of equity shares in taxable accts potentially reducing taxable amounts. You leave out if you have significant tax loss carry forwards as that is where the max tax reduction can come from. I am married so my wife and my 2022 tax return will allow us to be in a zero to 15% scenario on gains or QDI, so it makes zero difference to me as we have 6 figures in tax loss carry forwards if we want to sell shares and 98%+ of our taxable dividends are QDI and we get foreign tax credits for international dividends. I have been early "retired" over ten years and have always been focused on how sources of income will be taxed. People rarely discuss MLPs and their tax benefit, which is significant as I have yet to pay a penny of tax on 2 MLPs held in taxable and currently pay me over $20k in annual distributions although if I sell in the future that will create a significant tax event similar to a rental real estate holding where one takes depreciation expense annually, which offsets that current year's taxable income, yet has to be recaptured as income when one sells the property if not rolling into a new property.

There is also the planning that goes into how much of one's assets are held in taxable, Roth, TIRAs, perhaps long term holdings of EE/I bonds, etc. Everyone's situations are different and should guide their long term planning, but whether it is dividend generation or total return/non-dividend payers, one should be holding investments with the highest expected returns in Roths, that is a no brainer.