I'm doing the same with my new tractor. Had an double-fenced acre out back that was a mess, with pigweed and rocks. So far I've got out the weeds and rocks and used the gannon with scraper forks to get the furrows going. Of course this revealed more rocks, less in quantity, but bigger ones. So today I'll be going to get those out and drag it again. I'll set the forks a little higher...or might even use my harrow mat set with the most aggressive position.
Our dirt out here is a sandy/dirt mix and my plan is to get it all turned over and soft as possible and use it like that. Will it be as good as arena sand? Nope, but that's what the budget says it will be. And we're just going to use it for quick rides, training and lessons anyway. Our neighbors have a large ring that has sand and they love us using it.