David a typical plate is 5/16" to 3/8" so you are only a little thicker. With any setup you can have problems reaching deep enough on particular jobs. I don't recommend using an extension unless you need it. It puts more torque on your lower abbor bearing. The best overall plan would be to purchase a Musclechuck and replace your regular collet with it. That extends your reach by about 1/2" and bits are much easier to change out with it. Using a ball end hex wrench with it you should be able to change bits without removing the router from the table. The MC is a bit pricey and you'll need a $30 collet to use your 1/4" bits with it but it will make your routing experience much more enjoyable.
1/4" bits are fine but they can break. In 40 years I've had either one or two snap off on me with no issues when it or they did. 1/2" are certainly stronger. I've never heard of anyone breaking a 1/2". Once you get to about 1 3/8 to 1 1/2" in bit diameter you'll have to have a 1/2" collet as they don't make bits larger than that in 1/4" because the shafts can't handle the torque that larger diameters put on the shaft.
1/4" bits are fine but they can break. In 40 years I've had either one or two snap off on me with no issues when it or they did. 1/2" are certainly stronger. I've never heard of anyone breaking a 1/2". Once you get to about 1 3/8 to 1 1/2" in bit diameter you'll have to have a 1/2" collet as they don't make bits larger than that in 1/4" because the shafts can't handle the torque that larger diameters put on the shaft.