There is nothing wrong with holding out for the big boys. You can't shoot a big buck if your tag is already filled. I ate an out-of-state this year for that reason.
As far as the deer getting "overpopulated", you won't see that problem around here like back east mainly because whitetails back there have twins and triplets as a rule. It is very rare for muley's and blacktails to have triplets, and somewhat uncommon for them to have twins, although it does sometimes happen. As for the small bucks doing the breeding I am sure there are some big bucks around, they just aren't showing themselves.
The three-point minimum is a good thing I think, but I would be concerned if they went to a four-point minimum. I also hunt in Wyoming, where they had a four-point min. for a few years ( early nineties) and they started having some big three points that never went to four doing a lot of the breeding. The biologists realized the four point restriction was creating a problem and dropped it.