Backup advice

I would appreciate some advice from the experts on this list about the best
backup strategy for my database.

The setup:

Size: might be about 200Gb
The server uses a Tivoli backup client with daily backup
At the moment There are pg_dumps for each database on the server on a
daily, weekly and monthly basis. All this gets backed up to the Tivoli
server.

I would like to reduce the size of the backups as far as possible as we
have to pay for space on the backup server and I do not want any downtime
on the database server.

I do not want replication, but want to be able to restore the database as
recent as possible (at least as it was within the past 24 hours) as quickly
as possible.

I have read about using pg_basebackup in an article from Shaun Thomas'
booklet on Packt Publishers* *(I will probably buy the booklet)*. *That
seems to be a possible solution.

I am considering dropping the pg_dumps in favour of the pg_basebackup
method. Will that be wise?

Regards
Johann
--
Because experiencing your loyal love is better than life itself,
my lips will praise you. (Psalm 63:3)