Its not too late to do something. If your intention is to try to put the entire lot into production, then yes, it might be a bit overwhelming. But if you wish to do something, you could start by building a few beds, a hugelkulture mound, perhaps start laying out the land and getting a sense for where you'd like to put swales, etc.
Nobody does everything in one year. I've been on my 1/3rd of an acre for 19 years now, and just this year I built 6 raised beds, built an herb spiral, created some tall fencing to keep the
chickens from ripping up the garden, divided and replanted 5 more artichoke plants . . . there's always something to do.
It might be helpful to hear a bit more about what you are planning for the space.
Are you thinking about just a garden, or an integrated food forest/orchard? Are you considering animal integration of some sort?
Chickens? Perhaps ducks or
bees? Long term, do you intend to move out to that spot so that you're not commuting an hour each way just to
water your plants and check on the
chickens? If so, what's your time-line? What kind of resources do you have: money, friends, technical know-how, equipment? Do you intend to cultivate this space as a career (for example, a market gardener or homesteader) or as a part of a healthier lifestyle, hobby, change of pace, etc.?
For many people, their first step in approaching a new piece of land is just to observe and interact for the first year anyway. That's the first principle of
permaculture: observe and and interact. Get to know the land intimately. Walk it in all seasons and see how the light moves across it, how the water flows, how the soil responds to rain, the condition of the soil in various places, and the unique microclimates that will be available to creatively utilize. That doesn't mean that you can't build soil this year and begin to stockpile resources.
If it were me, I'd get
wood chips this first year, lay them down, begin to dig my swales, think through where I want to lay out my garden beds, and try to obtain a yield. It's not too late for tomatoes or vining veggies -- they like the warm weather that is yet to come.
So, in a word, no, it's not too late to do something. Go for it.