Eddie, I'm going to suggest that you go ahead and clear and fence an acre, but put in 1/4 ac the first year to see how it goes. Jumping into a full acre is a big expense, and maintaining it while in the learning mode can be awfully tough. During the first year, you'll learn what crops need to be planted early like onions, potatoes, beans, turnips, and leaf crops. Those will need very little watering because they grow during our cool/wet season. It's the later crops that need more water like melons, squash, corn, peas, okra, cucumbers. Row crops work well with soaker hoses. Vegetables that you plant in hills like melons, squash, and cucumbers will be better served to be watered with drip irrigation as will your tomato crop. I suggest using wide spacing on the tomatoes so you can get around them when they become mature and to keep disease from spreading between plants. My opinion is that you'll have plenty of water from a regular well for the whole acre. A larger storage tank will help, but it's not necessary. 10 gpm is equal to 600 gph. That's a huge amount of water if you are applying it directly with soaker hoses or drip irrigation. The info David and Charlz are giving is spot on.
I think maintenance of the garden and weed control during the early growing is one of the hardest things to do. For your plants to grow, you have to keep the soil aerated and weeds under control. Mulches, poly, and other ground covers can really aid in this. My ground can be nice and fluffy, but turns hard as a rock on top when it drys and gets sun-baked. Mulching will help keep moisture in the soil and reduce the amount of cultivation and aeration you have to do. Poly row covers are a lot of work to install, but save far more work later on in the growing season.
With a full acre, one of your biggest problems will be harvest. When produce starts to mature and produce fruit/veggies, you can get covered up in a hurry. You'll need a good plan for processing lots and lots of veggies or build yourself a fruit stand out by the highway to sell produce. You can do some timing of crops and spread out your harvest, but it is a ton of work to pick, sort, and cull veggies. Just remember, to sell, it has to be pretty as well as fresh. We used to keep the culls for ourselves and sell the rest. The culls are just fine, but they won't sell.