I wouldn't do graded readers because I think they're boring as all get-out. Plus, I think that they teach that it's OK to read "easy" stuff--it's like mental marshmallows. Yummy, but of no nutritive value whatsoever.
What I'm doing with my DD (5.5) is finishing 100 EZ Lessons(yes, I'm aware people hate it, but she loves it--and hates the BOB books with the passion of 1,000 fiery suns, so, whatever :) ), concurrently doing a page a day in Phonics Pathways for reinforcement, and then picking up with the OPGTR. We'll be continuing Phonics Pathways alongside, for reinforcement.
She does not like to read by herself, and flatly refuses to voluntarily read aloud on say, a billboard. So, we're just going to stick with the learning-to-read texts, which she weirdly loves. I have given her fair warning that when we finish 100EZ lessons, she must read a book a day aloud to me, instead. I think I'll probably start with Seuss or something similar.
My goal is that when we finish OPGTR, she'll be able to read (sound out) pretty much any book she'll pick up, with a little assistance. Then, I'll focus on her reading the children's books by topic. For example, she's really into constellations this month, so we've checked out a half-dozen children's books on constellations from the library. Next year at this time, I'm planning on having her read those to me.
OTOH, we read aloud to her every night before bed, and listen to Weiss stories (& similar) nearly every day in the car. Her speaking vocabulary is immensely larger than her reading vocabulary, so I'm not worried about her eventual comprehension levels.
After the children's books go smoothly, we'll read together, silently, books that we both find interesting. Naturally I'll read faster, which will goad her to increase her reading speed, and because we'll pick the books together, they'll continually challenge her reading levels. I'm betting that in two or three years, she'll be able to read and at least superficially comprehend pretty much anything. This is how my grandmother taught my mother to read, and how my mother taught me to read--and we're all excellent readers.