1. Can you please tell me what storage you're going to use as a backup repository? If you want to run active full backup once a month, then choose either Forward Incremental backup mode (less I/O load on the storage, but more space consumed by the backup files chain) or Reversed Incremental backup mode (more I/O load on the storage due to rebuild of the VBK file every time the job runs, but less space used by the entire backup chain).
Assuming you have to store your backups for four months, I would probably go with reversed incremental backup mode. Specify 120 restore points for retention policy and schedule active full backups via Advanced backup job settings (Storage -> Advanced -> Active full backup) to run once a month.
2. Can you please clarify when does this full backup should be taken? Having 1 VBK file (full backup) and 364 of VIBs files (incremental restore points) doesn't seem like the best idea, because the entire backup chain will depend on that very VBK file. If I were you, I would consider using GFS retention policy available in the backup copy job settings.