Hi Julie, I apologize for the delay in responding to your question, and hope your starter is rising and bubbling like a champ by now! The yeasty smell is definitely a promising sign, but I would wait to see that your starter is reliably doubling in size before you try to bake a challenging project like naturally leavened bread. That doesn't mean you can't start using your discard though. I would keep on with the twice a day feedings, and equal parts by weight of starter, flour and water for a few more days, and hopefully you'll begin to see your starter rising predictably soon. If you're worried about using up too much flour, you could also consider maintaining a smaller starter. I hope this helps! Let us know how it goes. 

Barb

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