From what I've personally experienced, you don't need to do it nearly that often. I would almost think it'd be counterproductive, just for the fact that if you do it all the time on a set schedule, it's so ingrained into your routine that you'll do it in a dream and just kind of go on with whatever you were doing. For instance, the only reality check I really do anymore is looking at my hands. I check to see that I have 5 fingers, and that they're all the right size.
I used to do it about 50 times a day at least...I got to the point when I would be dreaming, look at my hand (of course it would be all messed up) and I still wouldn't go lucid. Though that may just be me.
As for how often to do an RC, I'd suggest like you said, whenever you see your dream sign, or (as I tend to do) just at any given time during the day that you think about dreaming, or when something doesn't feel/seem right. For instance, if you experience Deja Vu...or however you spell it lol...
I hope this helps, though I'm assuming it wont

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