I was in your exact situation. Bought our property from someone who had clear cut it a few years prior. 8 acres were completely unusable due to the impenetrable GA brush. We chose to get it all mulched. It was costly but I'm satisfied with the results. If we had needed immediate horse or cow pasture, though, this would not have been a good option. Dozer would've been better.
After the mulching was complete, I used a heavy duty "bush and bog" disc harrow behind the tractor to improve garden areas. This still required manual raking of roots into burn piles, but turned out quite nice after several weekends of work.
If anyone is considering this as an option, be sure to have a way to maintain the new growth once mulching is complete. In the south, the new growth will become unmanageable after a single season of growth. I purchased an old tractor and bushhog shortly after having the land cleared, so the land could be maintained. Another option is to fence in immediately and get goats. The regrowth in mulched areas is perfect for them. I left several strips of regrowth alone, to provide wildlife habitat. The deer, turkey, and birds love this area.
